Similar to many other cryptos, the XRP price continues to decline. Over the past 4 days, it fell by more than 40%, with slight recovery in the last 8 hours reducing the drop to 25% at the time of writing.
Current Analysis of XRP Situation
Crypto analyst Ali had predicted this move earlier by signaling a sell signal through the TD Sequential Indicator. Since then, XRP continued its decline, breaking the support levels predicted by some analysts. In his tweet, Ali emphasized the validity of the sell signal when XRP was trading around $3.2-$3.3.
Crypto Market Analyst Predictions
The YouTube channel Cilinix Crypto, with over 90,000 subscribers, also predicted a decline in XRP price to $2.9. Analysts note that in the short term, XRP's outlook appears bearish due to broader market conditions, including declining open interest and the loss of key technical support levels.
Possible Scenarios for XRP Price Movement
The fast crash to $1.7 saw a bullish response with the price starting to recover. The current green candlestick on the 4-hour chart signals a chance for further, albeit slow, growth. However, if XRP price closes below the $2.25 support on the daily chart, it could lead to a drop to $2.0.
The state of the general crypto market continues to influence XRP price. Future movements will largely depend on changes in the overall market environment and the price dynamics of key cryptocurrencies like BTC.
