XRP Price Drops Below $3; Yet A Significant Recovery is Fast Approaching!

Share This Post

XRP News: Ripple's RLUSD Stablecoin Could Boost XRP Price Stability

The post XRP Price Drops Below $3; Yet A Significant Recovery is Fast Approaching! appeared first on Coinpedia Fintech News

The crypto market started the yearly trade with a massive bullish push that helped the XRP price reclaim its levels not visited in the past 7 years, surpassing $3.3. However, the crypto markets are facing major turbulence, due to which the XRP price is plunging hard after losing the key support at $3. What’s next? Should you consider selling XRP and joining the ‘panic seller’ list or hold until the selling pressure eases?

As the market sentiments have turned bearish, the XRP price may tend to remain deflated for a while. Meanwhile, the bulls are trying hard to hold the rally at $2.75, which has been the previous top after the breakout in November 2024. After losing over 12% since the early trading hours, the question arises whether it is the time to sell XRP as the buyers remain passive at the moment. 

Ever since the price lost support at $3.1, the bears have held a strong grip over the rally and dragged the price by over 12%. The volume has soar by over 200%, crossing $9 billion, which is majorly dominated by the bears, hinting towards the token offering a good buying range shortly. 

The short-term price action of XRP suggests the token is facing a free fall after losing the resistance at the 50-day MA. There is a possibility of a healthy rebound as the 200-day MA is expected to offer a strong base. With this, the price could continue to drop by another 4% to 5%,  reaching close to $2.6 that may further attract massive liquidity. One of the major bullish signals is the bullish reversal seen with the ADX, hinting towards the rally gaining strength. However, the +Di & -Di levels have diverged away from each other after a bearish crossover, suggesting the rebound could consume more time than speculated. 

Therefore, the XRP price continues to remain within a bullish range regardless of the persistent bearish pressure escalating over the token. The market sentiments are believed to turn bullish very soon, pushing the price back above $3. Hence, the probability of a new ATH still remains higher as the XRP price remains primed to surge beyond $4 in the upcoming days.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin’s Next Move: A Final Leg Up or Just the Beginning? Analyst Weighs In

Bitcoin is showing signs of a gradual recovery following its earlier pullback After dipping below the $100,000 mark, the cryptocurrency has regained ground, currently trading above $102,000 This

Memecoin ETF proposals raise eyebrows in serious investment circles

The ETF Store president Nate Geraci believes that memecoins would take “questionable investments packaged into exchange-traded funds (ETFs)” to an entirely new level In a Financial Times

Symbiotic Deploys Feature-Complete Restaking Protocol on Ethereum

The restaking protocol Symbiotic has launched a permissionless, feature-complete shared security protocol on Ethereum Mainnet, enabling blockchain networks to restake assets with full slashing

South Dakota and Kentucky lawmakers to propose Bitcoin reserve legislation

Lawmakers in Kentucky and South Dakota are preparing to introduce legislation to establish a Bitcoin (BTC) reserve in the next few weeks, according to statements made on Jan 28 South Dakota

$100M in Shorts Suggest Solana (SOL) May Not Cross $235: Report

The post $100M in Shorts Suggest Solana (SOL) May Not Cross $235: Report appeared first on Coinpedia Fintech News Amid the ongoing market decline, Solana (SOL) is gaining attention from crypto

Bitwise Enters The Fray: Officially Files S-1 Form For A Dogecoin ETF With US SEC

Asset manager and crypto exchange-traded fund (ETF) issuer Bitwise Invest has officially filed an S-1 form with the US Securities and Exchange Commission (SEC) for a Dogecoin ETF  This filing, made
You have not selected any currencies to display