The cryptocurrency XRP, fluctuating around $2.37, has decreased by over 5% in the last week. This article provides a detailed analysis of the reasons for this decline and the potential risks of further price movement.
Recent Price Changes in XRP
Amidst the decreasing value of XRP, the cryptocurrency has dropped 5% over the past seven days and 3.4% in the last 24 hours. XRP's trading volume has also sharply decreased, falling from over $4 billion to $2.9 billion in the past week, a drop of more than 39%. This downturn followed news that Ripple settled with the SEC, agreeing to pay $50 million of the original $125 million fine.
XRP/USDT Chart Analysis
Chart analysis of the daily XRP/USDT reveals two bearish patterns: head and shoulders and a descending triangle, indicating potential downside risks if XRP fails to break above the $3 mark.
Potential Scenarios for XRP
If XRP doesn't hold the $2 support level during the next retest, there could be a 40% decline to $1.20. Nevertheless, the $1.76 region, aligning with the 200-day moving average, might provide support for buyers. Holding above the $2.50 level is crucial for shifting momentum in favor of buyers.
Currently, the market is giving warning signs for XRP. Breaking the $2.50 resistance level could shift momentum. Monitoring the support level during the next test of $2 is crucial for investors and analysts.
