In-depth analysis of XRP and the possibility of a drop to $2.10
1. Overview of XRP price situation
• Currently, XRP is trading around $2.37, down 7.78% over the last 24 hours.
• The price has broken the important support level of $2.50, a worrying bearish sign.
• On the 4-hour timeframe chart, XRP has broken out of an ascending triangle pattern to the downside, indicating strong selling pressure.
2. XRP Technical Analysis
Important Support and Resistance:
• Nearest Support: $2.10 – This is the next target if selling pressure continues.
• Important Resistance: $2.50 – Becomes Resistance After Break.
Important technical indicators:
• 200-day EMA (Exponential Moving Average): XRP is trading below the 200-day EMA, which confirms the downtrend.
• RSI (Relative Strength Index): If the RSI drops below 30, it could signal XRP is oversold, leading to a temporary recovery.
• Trading volume: Up 100% in the last 24 hours, but accompanied by a price drop, indicating mostly sell orders.
3. On-Chain Factors: Accumulate or Run?
• $15 million XRP withdrawn from exchanges (according to Coinglass).
• This could be a sign of accumulation by whales (large investors), because usually when XRP leaves the exchange, they are not sold immediately but stored for the long term.
• However, without new cash inflows, downward pressure may continue.
4. Influence from the common market
• Bitcoin & Altcoins:
• Bitcoin is also in a downtrend, dragging the entire cryptocurrency market along.
• If Bitcoin continues to weaken, XRP could come under further selling pressure.
• Macro factors:
• Global financial markets are facing risks from tight monetary policies.
• Capital inflows into crypto are down, making it difficult for XRP to recover strongly.
5. Predicted Scenario for XRP
Negative case (down to $2.10):
• If XRP fails to recover above $2.50 in the short term, there is a high chance of further decline towards $2.10.
• If $2.10 is lost, the next target could be $1.80 - $1.90.
Recovery case:
• If XRP can close the candle above $2.50, the downtrend could be invalidated.
• XRP could then return to $2.60 - $2.75 before making the next move.
Conclude:
XRP is in a high-risk phase, and breaking the $2.50 support is a negative sign. In the short term, the main trend remains bearish, with a target of $2.10. However, the withdrawal from the exchange could be a sign of accumulation from whales, helping to reduce the downward momentum. Investors should be cautious, set reasonable stop-losses, and closely monitor the price reaction around the $2.10 area.