XRP Price Faces Potential Decline to $2.15 Without Strong Buyer Support
After reaching a 7-year high, the XRP price has experienced a decline as it seeks new support levels amid bearish market sentiment. The drop follows Bitcoin's struggle to regain its all-time highs, impacting altcoins like XRP.
Possible Directions for XRP Price
Analyst Thecafetrader outlines potential movements for XRP, influenced by buyer activity:
- Recent rally was driven by significant buying but faced resistance from sellers.
- Declining trading volume noted: Daily volume peaked at $78 billion when XRP first crossed $3, but only reached above $41 billion at new highs over $3.6.
- Despite the price decline, there are no active sellers entering the market, indicating potential bullish momentum for recovery toward $4.64.
- However, without strong buyers supporting the uptrend, XRP risks falling below the critical $2.95 level.
The analyst sets targets for a possible decline: initial support at $3.13, followed by $2.95, and lower ranges of $2.15-$2.30 and $1.60-$1.93, which may present entry opportunities.
