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.

XRP price action around 50 SMA | Source: Steph Is Crypto