XRP is displaying signs of weakening momentum as its price drops to $2.18 amid declining trading volumes. Analysts highlight potential target levels while cautioning against risks.
Current XRP Metrics
As of now, the price of XRP stands at $2.18, indicating a 0.3% decline over the last 24 hours. The daily trading volume has plummeted by 46.2%, reaching $2.41 billion. These changes may signal cooling interest among market participants amidst broader uncertainty.
Price Pattern Analysis
Analyst EGRAG CRYPTO projects a bold price target of $17.50 for XRP based on historical market patterns. In his analyses, he references XRP's price behavior during the 2021 bull market, noting that many underestimated the magnitude of its past surges. Data shows that major exchanges, such as Binance and Upbit, have collectively reduced their XRP reserves by $12.4 billion over the past week, potentially triggering a supply shock.
Technical Analysis and Forecasts
Veteran trader Peter Brandt pointed to a possible Head and Shoulders pattern forming on XRP's chart. He suggested that the April 7 spike should be considered an outlier. According to Brandt's analysis, a break below $1.87 could suggest deeper downside toward $1.40–$1.50, while holding above $2.20–$2.40 might indicate a consolidation zone.
The current status of XRP raises concerns as a simultaneous decrease in price and trading volume is observed. Nevertheless, some analysts continue to consider growth opportunities in the long term, based on historical data and market dynamics.
