XRP Price Drops 5% as Analysts Warn of Potential Crash to $2
The crypto market declined by nearly 3%, impacting top altcoins like XRP, which fell below $3, recording a 5% drop in the past 24 hours.
- Analyst Ali Martinez indicated that XRP could further decline to $2.60 or $2 if bearish momentum continues.
- On-chain data shows increased whale-to-exchange transfers on Binance, suggesting heightened sell-side pressure.
- Despite short-term corrections, adoption continues with Imagen Network integrating XRP for faster payments, enhancing its role in the creator economy.
- Galaxy noted XRP's recent breakout from a smaller symmetrical triangle and anticipates further consolidation around $3.
- The current RSI indicates neutral to weak momentum; a drop might confirm oversold conditions.
- Bollinger Bands are testing the lower band at $2.95, indicating potential for a rebound; reclaiming the $3.20 resistance is essential for bullish momentum.
- XRP is trading 22% below its all-time high of $3.84 from 2018, amidst ongoing legal issues with the SEC.
Traders should monitor support at $2.80, with stronger demand near $2.60 if selling pressure intensifies.