XRP Price Drops Below $3 with Analysts Predicting Further Declines

XRP's price has fallen below the key support level of $3, currently at $2.96, resulting in a market cap loss of $5 billion and a 2.5% decline within 24 hours due to significant sell-offs.

Analyst Ali Martinez noted a sell signal from the Tom DeMark Sequential indicator at XRP’s recent high of $3.60.
Potential downside targets are set between $2.48 and $2.40, with $2.80 considered a weak interim floor.
Whale wallets sold over 720 million XRP in the past day, indicating large holders are adjusting their portfolios amidst market uncertainty.
A death cross in the Market Value to Realized Value (MVRV) ratio suggests a possible extended downward trend.
Despite bearish signals, 88% of users on CoinMarketCap remain optimistic about a rebound.
The RSI is nearing the neutral zone; a drop below 45 would indicate bearish dominance.
XRP is near the lower Bollinger Band, suggesting increased volatility, with potential acceleration in the price drop if it closes below $2.74.
The MACD line has crossed below the signal line, reinforcing bearish momentum.

If XRP cannot recover above $3 soon, bearish control may persist.

XRP price chart with RSI and Bollinger Bands | Source: Trading View

XRP price chart with MACD | Source: Trading View