XRP's recent price decline has put significant pressure on the $2 level. This article explores current trends and potential outcomes for the cryptocurrency.
Current Trends in the Cryptocurrency Market
As 2024 comes to an end, the cryptocurrency market is seeing a downturn. Bitcoin is down nearly 2%, with several crypto assets following this trend and displaying more significant losses. This pressure is attributed to traders taking profits and macroeconomic uncertainties. In the last 24 hours, $177 million in crypto positions have been liquidated, with over $132 million in bullish bets.
XRP Situation Analysis
Amidst the market sell-off, XRP has been striving to maintain the $2 level, but it is increasingly challenging. As of the start of the week, XRP has dropped 4.7% over the past day to $2.07, with intraday lows of $2.04. The cryptocurrency is down 5.7% weekly.
Outlook for XRP Price
The $2 level is a key psychological and technical mark for XRP, serving as both support and resistance. Continued pressure might push the price below $2, sparking further sales and possibly lowering it to the next support level at $1.90. Holding the $2 line, however, could lay the groundwork for a rebound, should market conditions improve.
XRP's ability to sustain the $2 level is crucial and will be closely watched by investors as market pressures persist.
