XRP Market Faces 7.05% Weekly Loss as Price Retests Key Levels
The XRP market closed January with a 7.05% decline over the past week. Analyst Egrag Crypto indicates the asset is at a pivotal point, with equal potential for positive or negative price movement.
XRP Price Analysis
- XRP has retested critical levels: the 21 EMA and the lower boundary of a symmetric triangle.
- Current price near $2.93 presents a precarious situation for traders.
- Support level identified at $2.83, with historical data backing its strength.
- A break below the triangle's lower boundary could lead to a price drop to $2.40.
- A breakout above the upper boundary could push prices up to $4.
- Volatility expected in the coming days due to equally weighted breakout scenarios.
XRP Whale Activity
- XRP whales sold 70 million XRP worth $204.4 million in four days.
- Increased selling by whales suggests uncertainty about future profitability.
- XRP's trading volume decreased by 12.60%, currently at $4.06 billion.
- Price at $2.93 shows a 3.10% drop in one day.
