XRP Price May Face Pressure as Bearish Indicators Suggest Possible Drop to $1.60
The post XRP Price May Face Pressure as Bearish Indicators Suggest Possible Drop to $1.60 appeared on BitcoinEthereumNews.com.
The recent surge in inflation rates casts a shadow over XRP’s potential recovery, as bearish indicators now loom large in the altcoin’s latest trading patterns. As XRP continues to show volatility, experts point to crucial support levels that, if breached, could trigger further declines in price. According to Dom, an XRP market analyst, “It’s pretty spectacular how right when Binance spot market starts bidding, $XRP goes up; Binance runs the show when it comes to $XRP price moves.” XRP faces potential price drop as inflation concerns loom; latest analyses indicate key support levels may dictate the altcoin’s future trajectory. Technical Analysis: XRP EMA Bands Indicate Bearish Sentiment Recent analysis from prominent crypto analyst Dom has drawn attention to the **exponential moving average (EMA)** bands on XRP’s daily chart. These bands have historically signaled bearish trends or market tops during previous bull cycles. If XRP fails to maintain its position above critical EMA levels, traders fear that a correction could manifest yet again. Current Market Sentiment and Liquidity Analysis for XRP Analysis indicates that whenever XRP’s price dips below both the **50-day** and **100-day EMA bands**, the cryptocurrency typically experiences a minimum **30% correction**. This trend has been observable from 2017 to 2021, establishing a pattern that traders are closely monitoring. Currently, should XRP close below the $2.20 support level, projections suggest it may plummet to between **$1.50 and $1.60** in the upcoming weeks. Despite bearish signs, XRP maintains a continuous inflow from platforms such as Coinbase, Bitstamp, and Bitfinex. However, a lack of significant trading activity from Binance since February 7 has raised concerns about its influence on price movements. XRP Price Stabilization and Key Levels Since February 7, XRP has exhibited sideway trading patterns, hovering between **$2.50 and $2.30**. This consolidation phase raises questions about its future trajectory. The…
Filed under: News - @ February 12, 2025 6:23 pm