The recent market sell-off has put pressure on XRP, causing it to drop below the crucial $3 level. Investors are questioning what the next move might be for the cryptocurrency.
Market Situation
Over the weekend, the cryptocurrency market experienced increased volatility, with Bitcoin trading below $100,000 for the third consecutive day, signaling risk-off sentiments to traditional markets. As a result, $539 million in crypto assets were liquidated over the past 24 hours, according to CoinGlass data.
Current XRP Position
XRP experienced a significant drop in value, falling 7.82% in the last 24 hours and 12% on a weekly basis. At the time of writing, XRP is priced at $2.77. The drop below $3 occurred after several days of consolidation.
Future Prospects
If XRP manages to recover and surpass the $3 level, it could indicate a recovery phase with potential growth up to $4 and $4.84. An important support level remains the 50-day moving average situated around $2.61.
The market's future dynamics will depend on key support levels and broader market trends in the coming days. Investors will closely monitor whether XRP can recover quickly or if further decline is unavoidable.
