XRP Price Faces 25% Drawdown Risk Amid Key Technical Levels
XRP's price is at a critical juncture, according to The Alchemist Trader. Its movement could indicate the next trend in the market.
Key Technical Points for XRP
- XRP is consolidating near the value area low around $2.8, showing market weakness and heavy selling pressure.
- The price has previously moved toward a support level at $2.7, which holds significant liquidity, making it crucial for both bears and bulls.
- Three technical points to watch:
- If XRP makes consecutive lower highs, it could be a bearish signal.
- A breakdown might push the price toward the Point of Control (POC) and key Fibonacci levels.
- Current liquidity levels suggest potential sharp movements before stabilization.
Potential Outcomes for XRP
- If XRP breaks down from the value area low, it could lead to a 25% decline towards $2.33.
- If support holds, the price may rebound into the trading range, possibly targeting $3.5 and setting up for new highs.
