XRP, a popular cryptocurrency, has fallen below the support line at $3, reaching $2.96, which has raised concerns among investors.
Price Analysis of Ripple
After losing the crucial support point of $3, XRP faced intense selling pressure. The initial decline accelerated with increased sell volume, indicating the cryptocurrency's short-term vulnerability. Analysts suggest a support level around $2.80, though this may only serve as a temporary resting point for XRP.
Technical Indicators and Whale Activity
The Tom DeMark TD Sequential indicator issued a sell signal for XRP on the three-day chart at $3.60. Such signals often herald broader downturns, adding to bearish pressure. Blockchain data revealed whales offloaded 720 million XRP from their wallets in the past 24 hours, contributing to the selling impetus across the market.
Future Expectations for XRP
Analyst Ali Martinez points out the real bottom could lie within the $2.48 – $2.40 range, with buyers expected to reappear within this zone, suggesting potential market re-entry opportunities. If the Relative Strength Index (RSI) falls below 45, it could accelerate the downward momentum.
The situation in the XRP market requires careful monitoring of price dynamics. Loss of support and whale activity may lead to further price changes, and investors should be prepared for possible fluctuations.
