XRP's recent price drop amid bearish market sentiment has created a critical situation. However, there is a chance for recovery.
XRP Technical Analysis and Key Levels
XRP has lost over 6% of its value in the past 24 hours and is at a support level of $1.95. However, the daily chart shows signs of recovery, indicated by a bullish divergence on the RSI, which could prelude a rally. If XRP maintains above $1.95, a potential 40% increase to $2.95 is possible. The asset remains above the 200 EMA, indicating an uptrend.
Bullish On-Chain Metrics
Data from Coinglass points to ongoing token accumulation by whales and long-term holders. Exchanges have witnessed a $110 million XRP outflow in the last 24 hours, indicating buying pressure that may support further rallies.
Traders' Outlook
Intraday traders are over-leveraged at the $2.08 level with $10.3 million in long positions. Moreover, $2.136 sees $19 million in short positions, showing traders' sentiment that the price may not rise above this level.
XRP faces challenging bearish conditions but remains resilient with support from traders and technical analysis pointing to potential recovery and growth.
