Last week, XRP's value noticeably dropped, contrasting with the growth seen in major cryptocurrencies like Bitcoin and Ethereum. Let's explore the factors influencing this decline and its impact on trading volume.
XRP's Decline in the Market Context
XRP experienced a decline of over 5% last week, contrasting with positive moves in Bitcoin and Ethereum. Currently priced at $2.37, XRP fell by 3.4% in the last 24 hours. This decline followed a rally initiated on March 19 after news about Ripple's settlement with the SEC. XRP also showed a significant decrease in trading volume by 39%.
XRP/USDT Chart Analysis
Analyzing the daily XRP/USDT chart reveals the formation of 'head and shoulders' and a descending triangle patterns, which suggest potential downside risks. If XRP fails to hold above the $2 support level, it could slide further towards $1.20, though the $1.76 zone might offer some support.
Potential Market Trend for XRP
Current market behavior of XRP is concerning due to descending highs and declining trading volumes. A confirmed completion of the bearish pattern could signal a long-term downward trend. For a positive shift, XRP needs to reclaim the $2.50 levels to allow buyers to regain control.
While the current decline in XRP's price raises concerns, its recovery could lead to positive market changes. Investors should closely monitor price movements, considering current patterns and support levels.
