- A break below key support at $2.47 signals a bearish trend, increasing the risk of further downside.
- A simultaneous drop in XRP’s BTC value suggests traders may be favoring Bitcoin over XRP.
- This $1.80-$1.90 support region will serve as a foundation for a price turn as buying activity intensifies.
The potential crypto conflicts of interest between the SEC and OIG continue affecting XRP prices which has resulted in a recent market downturn. In the present market XRP maintains a rate of $2.49 while experiencing a 2.7% reduction from its value the previous day.
The price position of XRP against Bitcoin shows 0.00002597 BTC while undergoing a 2.8% decrease compared to BTC. XRP maintains its trading position within a tightly restricted consolidation zone at $2.44 and $2.59 throughout the 24-hour period.
The recent price drop indicates short-term bearish sentiment, with sellers maintaining control. The simultaneous decline in its BTC value suggests that traders may be favoring Bitcoin over XRP, leading to relative underperformance.
XRP Breaks Support, Eyes Double Bottom at $1.80-$1.90
According to analyst Steph_is crypto, he says that XRP is losing support and the price is likely to settle down for a double bottom. The XRP/USD chart showcases a symmetrical triangle pattern where the price has broken below the lower trendline at approximately $2.47, signaling a bearish breakout.
This breakdown indicates that sellers have taken control, increasing the likelihood of further downward movement. The chart also suggests a potential target zone between $1.80 and $1.90, aligning with a prior support area where a double-bottom formation could potentially occur. Such a pattern might provide a base for a future reversal if buying pressure increases.
XRP Key Levels To Watch
The subsequent major support zone that XRP should monitor appears between $1.80 and $1.90. Such positive momentum will become weaker when the price retakes the $2.50-$2.60 resistance zone that triggered the breakdown while creating potential conditions for an upward price recovery. A drop in XRP price under $2.45 could trigger more decreases as the platform tests fresh support zones.
Increased volatility conditions in XRP may occur after the support zone evaluation by traders monitoring potential price bounce opportunities. A double-bottom reversal pattern can form when buyers join at lower levels thus creating a chance for potential price recovery.
