XRP is facing a turning point! The cryptocurrency has fallen by a staggering 44% in the past four days and is now trading at $1.77. Technical conditions indicate that a further drop of up to 38% could be on the horizon. But will it actually happen?
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XRP has lost a critical support
On February 2, $XRP fell from a high of $2.95 and lost support at the 50-day Simple Moving Average (SMA), which had been a solid base since November. This is concerning because in the past, whenever XRP has fallen below this average, significant declines have occurred:
✅ In August 2023, the price plummeted 31% after losing this support.
✅ In May 2021, the drop was even more brutal: -71%!
What does this mean?
If history repeats itself, $XRP could see even deeper corrections. Crypto analyst Kwantxbt, in a Feb. 3 post on X, pointed out that $2.49 is a key level. If it is broken, the next target would be $2.30 and then $1.45.
Technical pattern suggests drop to $1.45
$XRP has broken out of a symmetrical triangle on the downside, a classic bearish signal in the market. If this trend continues, the price could reach the 100-day average of $2.00 and, in the worst-case scenario, $1.45, representing a 38% drop from the current value.
Is there a chance of recovery?
If XRP manages to reclaim the 50-day SMA, the price could seek a new high around $3.75. This would depend on a strong return of buyers and favorable market conditions.
What do you think? Will XRP crash or recover? Leave your opinion in the comments!
Fonte: Cointelegraph
Disclaimer: This content is not investment advice. Please do your own research and be fully informed before making any decisions.