After a 3.12% decline, XRP broke its key support level, sparking a wave of questions from investors. Let's look at the current state.
Current XRP Price Volatility
XRP price formed a symmetric triangle on the 4-hour chart and has been trading within this trend for about two weeks. This indicates a sustained bearish trend, which could lead to further declines before a potential breakout.
Technical Analysis of XRP Indicators
The MACD indicator shows a rise in the red histogram in the XRP chart, with similar trends observed in the 14 and 26-day EMAs. This suggests possible sustained bearish price action this week. The 50-day EMA crossover confirmed a bearish trend, while the 200-day EMA acts as critical support.
Potential XRP Price Scenarios
According to the latest Ripple price analysis, XRP could reach its resistance level of $2.48 if it successfully retests the support trend of the triangle pattern. However, if bearish action intensifies, the token could drop to $2.23, with the potential to fall to $2 if buyers fail to regain control.
The XRP market is experiencing significant volatility. Investors and analysts continue to watch price movements closely to determine future trends.
