In the last 24 hours, XRP has experienced dramatic price fluctuations, drawing the attention of analysts and investors.
Sharp Price Decline of XRP
XRP's price dropped over 25%, falling to $1.60 before bouncing back to $1.70, which represents a 13% gain in just five hours. However, even with this recovery, the token struggles to stay below the $1.80 mark. The question now is whether it can climb back to $2 or if it is heading for a deeper drop below $1.50.
Current Situation in the Crypto Market
The broader crypto market is also under pressure, down around 10%, with a current valuation of $2.4 trillion. XRP's weekly losses stand at 14%, and over the past month, it has lost 25%. This follows its January high of $3.40, meaning XRP is down more than 35% since then.
Analysis and Future Predictions
Analysts are becoming cautious as a bearish pattern known as the "inverse cup and handle" is forming on XRP's chart, which is a classic signal of a potential decline. Support from large holders seems to be weakening, which does not inspire much confidence. In the past 24 hours, nearly $70 million worth of XRP positions were liquidated, with over $58 million in longs wiped out and about $11.4 million in shorts also taken out.
The current situation in the market leaves XRP in uncertainty. Despite some signs of recovery, a further decline cannot be ruled out.
