XRP Price Faces Critical Support at $2.2 After 15% Decline
XRP has underperformed against other altcoins, correcting over 15% from its monthly high of $2.6 and testing support at $2.2. Analysts are analyzing potential price movements.
XRP Price Analysis
- EGRAG Crypto identifies a double bottom pattern that may indicate an upcoming price increase.
- A close above $2.30 on the 3-day chart and above the 21 EMA would confirm this pattern.
- Price targets include $2.50, $2.65, and $3.00.
- Critical support at $2.07 must be maintained to sustain bullish momentum.
- Falling below this level could negate the bullish outlook.
Increased Trading Activity
- XRP futures open interest has risen to $3.95 billion, indicating heightened speculative trading.
- This surge suggests the potential for a price breakout according to analysts.
- Market volatility may increase without a clear catalyst, risking significant liquidations if sentiment shifts.
- The recent XRP Treasury announcement by VivoPower did not positively impact prices.
- Positive macro developments could uplift market sentiment.