EGRAG CRYPTO's analysis emphasizes the necessity for XRP to hold below the 21-day Exponential Moving Average to form bullish patterns.
Analysts' Predictions for XRP
Analyst EGRAG CRYPTO highlights the need for XRP to hold below the 21 EMA for the next four days. This would allow for the formation of bullish candlestick patterns, such as the hammer or bullish engulfing, which indicate a potential market reversal from bearish to bullish momentum. He also pointed to a key technical area called the 'NO-NO ZONE' that XRP is currently testing.
Decline in Trading Volume and Its Impact
At the time of writing, XRP is trading at $2.14, down 2.03% for the day. Trading volume has also seen a sharp decline, dropping by 37.58% over the past 24 hours to $2.87 billion. This decrease in activity indicates waning trader interest or a pause in momentum. XRP’s current market capitalization stands at $126.27 billion.
Future Prospects and Correlations with Legal News
EGRAG CRYPTO views the current price action as part of a larger bullish setup. He emphasizes that patience during this consolidation phase is critical to ensure stability below the 21 EMA, which could set the stage for a breakout. Recent price movements are also correlated with legal updates in the SEC vs. Ripple case.
Analysts remain watchful for XRP in the context of a potential breakout and advise monitoring price dynamics near the 21 EMA.
