The cryptocurrency market experienced a tumultuous 24 hours with over $700 million in liquidations. As Bitcoin 
$78,815 remains at risk of falling below the $100,000 mark, XRP has lost ground, slipping below the $3 threshold with a 6% decline. This downturn is compounded by a sharp drop in altcoin trading volume, resulting in XRP reaching its lowest levels since January 14. Market participants are warning of the potential testing of the $2.75 support level in the short term.
What Happened to XRP in the Last 24 Hours?
In just one day, XRP coin experienced a 6.23% decrease, dropping to $2.95. The trading volume, however, surged by 102%, hitting $6.28 billion. Weekly losses of 9% indicate increasing selling pressure. Data shows that XRP has been moving within a triangular formation since December 2023, losing the critical $3 support. Nevertheless, the lower trend line of this formation keeps the possibility of a recovery alive.
$1-XRP-Coin.webp” alt=”” width=”1437″ height=”755″ />Technical indicators support a short-term bearish trend. The red histogram on the MACD indicator is rising, while moving averages signal a downward trend. The 50-day simple moving average serves as dynamic resistance for XRP’s price. The strong downward curve in the daily time frame reinforces bearish scenarios for the week.
Technical Analysis and Future Predictions for XRP Coin
Experts emphasize that the $2.75 level is crucial for XRP. If this support fails, the price could decline to $2.50. However, should buyers return to the market, a retest of the $3 level is possible. Additionally, any recovery in Bitcoin may positively impact altcoins, including XRP.
Market participants are closely monitoring developments in Ripple’s legal battles. Uncertainty from the SEC lawsuit is increasing XRP’s volatility. Analysts advise that investors should avoid short-term speculation and concentrate on technical levels. The barrier at the $3.50 level will only be surpassed with a significant upward movement in the coming weeks.
