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XRP Price Faces Potential Sharp Decline Amid Mixed Market Predictions
XRP's price has been declining after failing to maintain the $2.0 support level, confusing investors about its future direction. Spot XRP ETFs have not boosted the price.
XRP Price Analysis
- XRP dropped by 3.2%, reaching $1.84 amid a broader market correction.
- Trader Peter Brandt warns of a possible decline to $1 if buyers don't overcome a double-top bearish pattern.
- XRP has been below the 50-week simple moving average (SMA) for 70 days, indicating ongoing weakness.
- Analyst Steph suggests a potential rally, noting historical rebounds after extended periods below the 50-week SMA.
- Past patterns show significant rallies following time spent under the 50-week SMA.
- Chart Nerd notes technical indicators like RSI and MACD are suggesting stabilization and potential recovery.
XRP ETF Inflows
- Spot XRP ETFs have experienced 32 consecutive days of inflows, showing strong market sentiment.
- Total inflows crossed $1 billion, but recent momentum has slowed, affecting price increases.
