XRP's price is under pressure and declining amidst the overall downturn in the crypto market. This article explores the reasons behind this decline as well as forecasts for the coin's future behavior.
General Reasons for XRP Price Decline
The price of XRP has dropped by more than 4% in the last 24 hours, finding support at the $3.00 level, which is psychologically significant. Key factors for this decrease include Bitcoin's failure to break above $123K and the Fed's lack of interest rate relief.
XRP Price Chart Analysis
The XRP/USD chart reveals the following features:
* The price line hovers around the $3 horizontal support level (blue line). * Clear lower highs indicate a weakening structure. * Both the 21 EMA and 9 EMA are sloping down, maintaining selling pressure. * The RSI stands at 40.67, not yet oversold, suggesting possible further declines.
Future Predictions for XRP
Current analysis suggests that if the $3 level is breached, the next major demand zone is expected near $2.80. To avoid this drop, XRP needs to rebound to $3.17 and close above that level for the day. It is also crucial to monitor Bitcoin's movements, as XRP typically amplifies them. Look for bullish divergence in RSI or volume spikes at the $3 level to signal a potential rebound.
The current situation in the market indicates that XRP may continue to face pressure. Investors should closely monitor key support and resistance levels, as well as movements in the larger cryptocurrency – Bitcoin.
