IS XRP PRICE AT RISK OF LOSING $2?
XRP's price is currently trading around $2.16, with a 2.69% decrease in the last 24 hours. The token's price has crashed nearly 22% since its May 14 swing high of $2.62. Given the current market trends and technical indicators, there's a possibility that XRP could lose the $2 psychological level.
Key Factors to Consider:
- Descending Triangle Pattern: XRP's price action has formed a descending triangle pattern, which usually indicates a continued downtrend. A break below the $2 level could lead to further declines.
Technical Indicators: The MACD is gaining pace in the bearish zone, and the RSI is below the 50 level, suggesting a bearish sentiment.
- Support Levels: The initial support level is around $2.050, followed by $2.020 and $1.920. A downside break below these levels could lead to further losses.
-Resistance Levels: XRP needs to clear the $2.120 and $2.150 resistance zones to potentially start another increase.
Market Sentiment:
- Futures Open Interest and Volume: XRP's futures open interest and trading volume have declined, signaling a decrease in trader interest and potential downward pressure.
- *Bullish Sentiment*: However, the SuperTrend indicator suggests a potential near-term trend reversal after flashing a buy signal .#CircleIPO #MarketPullback #TrumpVsMusk #Xrpđ„đ„ $XRP
