XRP Price Analysis: Understanding Recent Market Movements
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XRP Price Faces Potential Downturn
In recent developments, the price of XRP has experienced a significant downturn, slipping below the crucial $3 support mark over the weekend. This decline raises concerns about potential further losses, especially as bearish patterns continue to emerge. Analysts caution that XRP might experience additional downward pressure.
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XRP Price Might Reach the Channel’s Lower Limit
Crypto analyst CobraVanguard highlights a possible scenario where XRP could sharply drop to the bottom of its current channel. This is a critical point as the altcoin approaches the PRZ (Potential Reversal Zone) range, as shown in a chart on TradingView.
The PRZ range, situated around the $2.8 mark, could either trigger a bullish rebound if momentum is sustained or, conversely, lead to a further decline. If bears gain control, the support at $2.8 might collapse, potentially sending XRP down to $0.26.
Descending Triangle Formation Favors Bears
KooksooTrade, another analyst on TradingView, warns of a bearish descending triangle pattern that could signal more losses for XRP. The breakdown of the triangle’s neckline has contributed to the ongoing price decline, suggesting a possible drop to the $2.45-$2.5 range.
Analyst SwallowAcademy supports this view, identifying the pattern as a classic bearish indicator. Although expecting a decline, SwallowAcademy predicts a potential bounce once the price dips below the $2.45-$2.5 range.
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