XRP (XRP) worth has dropped 17% over the past seven days and 27% previously month, shedding a number of key help ranges alongside the best way.
This has left market individuals questioning whether or not XRP’s worth may drop additional within the coming days.
XRP/USD every day chart. Supply: Cointelegraph/TradingView
XRP worth ranges to observe below $2.40
XRP’s newest worth crash noticed it lose key help ranges, together with the 100-day easy shifting common (SMA) at $2.43 and the $2.40 psychological degree.
Associated: XRP open curiosity drops to 2025 low — Are altcoin merchants giving up?
Merchants are actually targeted on key areas under this degree, which XRP may revisit if the continued bearishness persists.
Notably:
XRP’s first space of curiosity stays between its earlier vary low at $1.90 (shaped on Dec. 9, 2024) and the current vary low at $2.06 (reached on Feb. 25).
XRP will probably goal the liquidity cluster inside this vary if help at $2.15 is misplaced.
A right away reprieve for the bulls can be a pointy reversal from this vary, which is able to point out shopping for curiosity under $2.40.
In any other case, XRP may drop decrease to retest the honest worth cap between $1.51 and $1.82, shaped throughout the rally between November and December 2024.
Be aware that the 200-day SMA sits just under this vary, suggesting a powerful demand zone simply above $1.50.
XRP/USD every day chart. Supply: Cointelegraph/TradingView
The world above $2.00 represents a powerful help zone for XRP, in line with pseudonymous analyst Cvotrades, who says shedding this can result in a drop to $1.70.
“Watch the weekly shut. If it’s under $2.09, then it sweeps $1.77.”
XRP worth bear flag hints at $1.73
From a technical perspective, XRP trades inside a bearish continuation sample that signifies extra draw back forward regardless of the continued consolidation.
Key factors:
XRP is buying and selling inside a bear flag sample within the four-hour timeframe, indicating the potential of persevering with with the downward momentum if key help ranges don’t maintain.
XRP/USD every day worth chart. Supply: Cointelegraph/TradingView
The bear flag developed after XRP’s drop from $2.60 to a neighborhood low of $2.06 between Feb. 24 and Feb. 25.
The consolidation throughout the bear flag has XRP buying and selling in an ascending parallel channel, with the value testing important help ranges right now, together with the decrease boundary of the flag at $2.20.
A breakdown of this degree may set off one other worth crash.
The bear flag’s draw back goal, derived from the peak of the earlier drop, is roughly $1.73, representing a 22% downtick from the present worth.
This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer entails danger, and readers ought to conduct their very own analysis when making a call.
