The XRP cryptocurrency price has fallen below $2.3, linked to a rise in bearish market sentiment. Experts evaluate the key indicators and discuss potential for further declines.
Recent XRP Price Decline
According to TradingView data, XRP's price decreased by 4.89% over the last week and 3.75% over the month. CoinGlass analysis revealed that XRP's funding rate turned negative yesterday, at -0.03%. Negative funding rates indicate growing bearish sentiment among traders.
Impact of Whale Activity
XRP's open interest has remained high since the start of the week, indicating cautious trader behavior. Significant whale activity between January 7 and 8 saw around 60 million XRP sold, causing the price to drop from $2.4 to $2.2.
Market Analysis and Forecasts
Analysts have identified key resistance levels for XRP: $2.29, $2.33, and $2.36, as well as support levels: $2.22, $2.20, and $2.16. In the face of bearish sentiment, investors recommend caution and await either a potential rise or further declines.
Under current market conditions, caution is advised with close monitoring of key XRP indicators. Continued decline could test the 100-day moving average, while a breakout above $3 might trigger a rally.
