Coinspeaker
Feb 24, 2025

XRP Price Drops 3.87% Amid Bearish Market Conditions

2 min

Bitcoin and altcoins are experiencing a bearish trend, with XRP dropping by 3.87% to a market value of $2.4765 and a market cap of $143 billion. Its 7-day returns are at -7.71%.

XRP Price Action

  • XRP is showing a bearish trend within a rising channel pattern.
  • The price has reached a 7-day low at $2.4437.
  • Indicators suggest a potential negative crossover, increasing breakdown risks.
  • Support levels are identified at $1.5165, $2.27, and the psychological mark of $2.
  • A recovery could lead to a rally reaching the R1 pivot near $3.59.

XRP Ledger Activity

  • Active addresses on the XRP ledger have decreased to 8.11K from 101.55K in December 2024.
  • Monthly transaction volume dropped significantly from 42.7 billion in November to 14.6 billion in February.
  • Ongoing downtrend in transaction count over the past four months may lead to further price pullbacks.

EGRAG's Warning

  • EGRAG Crypto Analyst indicates a breakdown of an ascending triangle pattern on the 12-hour chart.
  • For bullish momentum, XRP must close above the $2.63 to $2.65 range.
  • If support around $2.4 fails, a decline towards the $2 mark is likely.