XRP Price Dips in a Bleeding Crypto Market
Crypto markets experienced widespread losses this week, with Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) leading the downward trend. XRP price also dropped by 1.6% in the past 24 hours, contributing to a weekly decline of 10%. Currently trading at $0.57, XRP is facing a deteriorating market structure that could lead to further price drops over the weekend.
XRP Price Prediction: Triangle Breakout Bites
XRP price is struggling to recover following concerns about the spot Bitcoin exchange-traded fund (ETF). It remains below the crucial $0.6 level and is currently trading at $0.57. The Moving Average Convergence Divergence (MACD) indicator indicates a weakening technical structure and suggests a sell signal.
Shorting XRP may be an option for traders as long as the MACD line remains below the signal line and the momentum indicator stays in a downward position. Additionally, XRP is nearing oversold levels based on the Relative Strength Index (RSI), but support at $0.57 must hold to prevent further retreat.
XRP’s Lack of Solid Support Could Lead to More Declines
The impact of a symmetrical triangle breakout, which caused XRP to drop to $0.5, adds to the potential for further declines. If solid support is not established, it could weigh down buyer congestion at $0.5. However, if spot Bitcoin ETFs are approved in the US, XRP may join the upward movement.
A break above $0.6 would indicate a stronger bullish trend and could set XRP on a path towards $1. Traders will closely watch for recovery above key milestones such as the 20 EMA, 50 EMA, and 200 EMA to confirm the uptrend.
Hot Take: XRP Faces Uncertain Future Amid Market Downturn
The recent market downturn has affected XRP price, which has seen a decline of 1.6% in the past 24 hours and 10% over the week. With a deteriorating market structure and potential for further declines, XRP is facing challenges in finding solid support. Traders are considering shorting XRP as long as certain technical indicators remain bearish. However, if XRP manages to break above key resistance levels and spot Bitcoin ETFs are approved, it could see a stronger bullish trend. The coming days will be crucial for XRP’s price movement and its ability to recover from the current downturn.
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