Advertisement
Home
News
XRP
AdvertisementFri, 31/01/2025 – 8:56Cover image via www.freepik.comDisclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Read U.TODAY on
Google News
XRP is exhibiting signs of weakness, and it appears more likely that it will fall below $3.00. After weeks of consolidation, the asset is finding it difficult to maintain its position, and the current price action indicates that sellers may soon seize control. Given the lack of strong support below the current level, a further decline might happen soon.AdvertisementThe current price of XRP, $3.07, is down about 1.61% from the previous session. The price has been circling a crucial threshold, and the loss of bullish momentum is obvious. Buyers may try to stabilize the price at $2.90, which is the closest support. The next crucial region that corresponds to the 50 EMA is around $2 to $60 if XRP drops below this level.XRP/USDT Chart by TradingViewThe gap between those support levels and the current price, however, is concerning. Since there is not much holding XRP from revisiting $2.12, which is the 100 EMA, a steep decline below $3.00 could result in a much deeper correction. This scenario is more likely due to the falling volume and growing selling pressure. Bulls have been frustrated by XRP’s recent inability to break above $3.30. The price is currently at risk of breaking since there is not enough momentum to drive it higher.RelatedAdvertisementThe downward slope indicates a drop in buying interest, even though the RSI is still above 60. Another factor that lends credence to the prospect of a price decline is the declining volume. A recovery is still possible if the asset can recover $3.20. A decline below $3.00, however, would probably confirm a bearish reversal if the market is unable to recover from its current levels.With a possible collapse imminent, XRP is at a turning point. A sharp decline toward $2.60 or even $2.12 could result from a drop below $3.00. A deeper correction is quite possible because of the weak support below it. Bulls must intervene quickly or XRP’s downward trend could pick up speed in the upcoming sessions.Disclaimer: The opinions expressed by our writers are their