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XRP Crashing? Analyst Sounds Alarm On Looming Price Threat
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An analyst is expressing apprehension regarding the price movement of XRP, cautioning that the cryptocurrency may be on the brink of a significant decline.
A bearish price pattern is forming on the charts, which, if confirmed, could result in a significant selloff. This is the source of the jitters, crypto analyst Steph said. Some traders are now of the opinion that the future of XRP is contingent upon its ability to maintain a critical support level.
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Head And Shoulders Pattern Causes Concern
The chart of XRP is exhibiting a typical Head and Shoulders pattern, which is a widely recognized indicator of a potential decline. The support line for this formation is $2, which is the critical level to monitor. In other words, XRP is on a freefall, according to Steph.
The pattern may result in additional losses if XRP descends below this threshold. The analyst, Steph, is of the opinion that this could result in XRP entering a downward trajectory, which would erase recent gains and test lower price levels. Some market observers concur, asserting that a decline below $2 could potentially lead to a price of $1.80 or lower.
Market Pains: XRP Down 11%
XRP is already under lot of pressure. In the last seven days, the altcoin has sustained an 11% loss. XRP is not impervious to the selloff; the overall crypto market has been having some headaches. Investors are keeping a careful eye on the matter since any protracted drop below $2 could cause even more significant losses.
Short Rebound Provides Short-Term Breather
For the first time since November, XRP fell below $2. It made a weak recovery on Tuesday morning, closing at about $2.10. This recovery, however, does not guarantee safety. Many traders remain cautious, waiting to see if the bearish pattern plays out or if XRP can maintain its footing above key levels.
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Main Focus: $2 Support Level
For XRP, the next few days will be critical. If buyers step in and hold the price over $2, the cryptocurrency might escape a more drastic drop. A break below this level, however, can lead to further losses if the selling pressure increases.
Traders and investors will be closely monitoring this event, as it has the potential to significantly impact the short-term price movement of the altcoin.
Despite the increasing market uncertainty, some analysts advise caution, while others believe that it could be an opportunity for those seeking to purchase at lower prices. Either way, the entire crypto community will be intently monitoring XRP’s next move.
Featured image from Gemini Imagen, chart from TradingView