The cryptocurrency market is experiencing instability, and XRP, the fourth-largest cryptocurrency, is facing the consequences of a recent price drop. However, analysts indicate potential recovery.
XRP Price Decline
In the past week, XRP has lost over 6% of its value, hitting a three-week low at $1.96. This decline is linked to broader market sentiments and external factors, such as recent tariffs imposed by Trump's administration. Since peaking at $2.6 on March 19, when Ripple announced the end of the SEC lawsuit, the cryptocurrency has lost approximately 25% of its price.
Support at $2
Despite this, XRP has managed to hold above the key support level at $2, which could signal the beginning of a recovery. In the past 12 hours, the asset has traded at $2.1, sparking optimism among traders. Renowned crypto analyst Ali Martinez has repeatedly emphasized the significance of this support level, warning that if it breaks downwards, XRP could drop to $1.2.
Technical Indicators and Predictions
Analyzing the situation, Martinez pointed out the TD Sequential indicator, which signals potential market exhaustion in either direction. According to his analysis, this indicator has flashed a buy signal on the daily chart after XRP held above the $2 level, potentially leading to a trend reversal and subsequent price increases.
The current situation around XRP presents two contrasting scenarios: ongoing price pressure and signs of potential recovery. Investors and traders are paying attention to technical indicators that could signal changes in the cryptocurrency's dynamics.
