XRP Vulnerable as Prices Form Lower Highs Amid Bitcoin Rally
Alternative cryptocurrencies often follow Bitcoin's movements, but their price changes can vary in magnitude.
- XRP has shown a pattern of "lower highs" since July, indicating weak buying pressure.
- This suggests that XRP might face sharper losses if Bitcoin pulls back.
- Bitcoin's recent surge reached over $126,000, while XRP peaked at $3.10, below its previous high of $3.19.
- The consistent lower highs in XRP against the support zone of $2.65–$2.70 indicate diminishing buyer strength.
- A break below this support could lead to a deeper sell-off towards $2.00.
- To counter the bearish trend, XRP needs to surpass $3.10 with strong volume.
- The weekly MACD histogram underscores a bearish outlook, showing increasing downward momentum as it remains below zero.
