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Bitcoin and the Top 10 Altcoins have taken a hit amid market wide decline. XRP could drop more if Bitcoin continues to decline. $2.52 is a critical level for XRP’s short-term price outlook. The overall crypto market is currently facing a major decline, with many cryptocurrencies seeing double-digit drops.  Bitcoin (BTC) has seen a decrease to $98,354, down 5.91% in the last 24 hours, while Ethereum (ETH) has also dropped 7.95%, now trading at $3,037. XRP is facing a significant setback, down 10.43% at $2.76. This drop is part of a broader market-wide retracement, influenced by factors like the upcoming FOMC meeting and movements in the stock market, particularly the struggles in AI-related stocks.  The market is also facing volatility due to liquidations. Bitcoin saw a sharp dip to around $100k and below, wiping out $142 million in long positions within just 12 hours. This triggered a cascade of liquidations, increasing selling pressure and causing further price drops. In the last 24 hours, the total liquidation across the crypto market reached $877 million. Related: Crypto Market Dip: Key Price Levels for XRP, ADA, DOGE, BNB, and TRX Key Price Levels for XRP Currently trading at $2.80, XRP has faced a major decline from its 1-month high of $3.40, which coincided with its 52-week high and 13-week high. However, this upward momentum stalled, marked by key technical indicators such as the 14-day RSI reaching an overbought level of 80%. There’s a possibility of further decline depending on Bitcoin’s performance, and if Bitcoin falls more, XRP could drop more. The $2.52 level is crucial for XRP’s short-term outlook as it represents a key support point for the current market structure. If XRP manages to hold above this level, the focus remains on higher prices, possibly continuing the bullish pattern. A break below…

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Filed under: News - @ January 27, 2025 8:19 pm