“`html
Reasons to have confidence
Robust editorial standards emphasizing precision, relevance, and neutrality
Developed by professionals in the field and thoroughly evaluated
The utmost benchmarks in reporting and distribution
Robust editorial standards emphasizing precision, relevance, and neutrality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
The XRP value is at a decisive point as it struggles to maintain a crucial technical limit while maneuvering through wider market instability. Recently, a crypto analyst provided a stark warning for XRP investors, emphasizing that the digital currency risks plummeting to $1.9 if it cannot overcome a significant price threshold.
XRP Price Faces Risk of Dropping to $1.9
As per an analysis put forth by crypto analyst ‘Dom’ on X (formerly known as Twitter), the XRP price may be preparing for a severe downturn shortly. The expert indicated that the cryptocurrency has recently approached the peak of a 100-day decreasing trendline—an area also aligned with the election Volume Weighted Average Price (VWAP) and the monthly rolling VWAP.
Related Reading
This merger of technical metrics has turned into a critical front between bulls and bears. While buyers strive to prevent any further losses and bolster the XRP price, the rejection at this peak indicates fragility and escalates the threat of a downward movement.
The analyst’s graph illustrates that XRP’s prices are struggling to remain above a mid-range support zone, visually represented by a horizontal grey box between $2.05 and $2.1. Inability to surpass this range could prompt a major drop toward $1.9, identified by Dom as the next crucial support level.
Conversely, a breakthrough above $2.12, where various VWAPs converge, would indicate an immediate bullish reversal and potentially signify the start of a new upward trajectory. Dom has further emphasized the importance of XRP reclaiming the $2.12 mark. If bulls cannot accomplish this, the cryptocurrency’s structure remains susceptible and may correct downward at any moment.
With the current XRP price at $2.3, the analyst has identified a vital upward target on his chart. Should XRP surpass its present value, the analyst anticipates it will rise back to $2.47 — a level that would serve as a longer-term dynamic resistance.
XRP Must Surpass $2.3 To Reach $3
In a recent X post, a crypto analyst known as ‘Lord Crypto’ pointed out that XRP is exhibiting indications of a possible breakout as it emerges from oversold territory with several bullish catalysts on the horizon. Following weeks of consolidation near the $2.00 support range, XRP is now testing the resistance level at $2.30.
Related Reading
Technical signals and market dynamics seem to be favoring bulls. The Stochastic Relative Strength Index (RSI) depicted on the price chart has turned upward from oversold regions, suggesting potential renewed buying activity.
The analyst has also pointed out the likelihood of an XRP ETF endorsement as a bullish catalyst. In addition, he noted Ripple’s triumph against the US SEC, which concludes the lawsuit that has persisted for over four years.
Significantly, a close and sustained trading above the $2.30 threshold could allow XRP to aim for higher resistance levels around $2.52 and $2.91. Once this occurs, the XRP price could even reclaim previous highs beyond $3.
Featured image from Getty Images, chart from Tradingview.com
Source link
“`
