Can XRP Price Hold Above $3 As Analysts Warn Of A Possible Drop To $1.96
The post Can XRP Price Hold Above $3 As Analysts Warn Of A Possible Drop To $1.96 appeared on BitcoinEthereumNews.com.
Market analyst Nebraskangooner has identified $3.221 as the key resistance XRP price must break to maintain its upward momentum. At this level, cryptocurrency was registering highs before it faced strong selling pressure which led to this reversal. This rejection was at the 1.337 Fibonacci extension level, which is a resistance level on the chart. Since this pullback, XRP price went as low as $3 and stood just slightly higher at the time of writing. Analysts expect the price to rise again and buying to resume after the recent dip with a rally needed to break the $3.221 resistance level. If there is no breakout, the price of the asset may compress and start trading sideways or even move lower. – Advertisement – Source: X Analysts Warn of a Potential Drop to $1.9622 If the XRP price fails to reclaim the key resistance level, analysts predict that bearish momentum could accelerate. Market data suggests that if sellers regain control, the token might experience a decline toward $1.9622. This level represents a major support zone that could determine the cryptocurrency’s longer-term trajectory. XRP recent price movements have triggered mass liquidations in the market. Over the past 24 hours, leveraged trades worth $11 million have been liquidated, with long traders accounting for $7.4 million in losses. If the price remains below key resistance levels, the bearish trend could continue, leading to further liquidations. XRP Price $3 Support Zone Sees Whale Accumulation More so, XRP price has shown significant fluctuations but has remained relatively stable above $3, which serves as a support level. Notably, analysis shows whenever the price of XRP gets close to this zone, large investors keep buying the asset. Whales appear to support the demand zone, potentially strengthening the asset short-term. Market analyst Egrag Crypto pointed out that bulls have successfully…
Filed under: News - @ January 31, 2025 2:26 am