XRP’s sharp decline has taken center stage, with its price now sitting at $2.77 after dropping 11.80% in the last 24 hours. The cryptocurrency recently traded above the $3 mark has faced heightened selling pressure, triggering concerns among traders about its near-term direction.
Market activity has surged during this decline, with XRP’s 24-hour trading volume reaching $9.9 billion, a 213.67% increase, indicating intense volatility. This price drop has also pulled XRP’s market capitalization down to $159.39 billion, further highlighting the bearish sentiment surrounding the asset.
As shown in the chart, the steep decline from a high of $3.13 reflects a decisive break below key levels. Traders are now left wondering whether this is a temporary correction or the start of a prolonged downturn.
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Source: CoinMarketCap
Critical Support Levels Revealed
The $2.52 support level has emerged as a key point to watch, as holding above this level is essential for XRP to maintain its bullish outlook. A breakdown below $2.52 could lead to further losses and challenge the confidence of market participants.
Even with the current bearish momentum, the long-term bullish scenario remains intact as long as XRP does not fall below the $2.32 level established earlier this month. This level serves as a critical invalidation point, and holding above it would suggest the potential for recovery remains on the table.
Resistance Levels and Recovery Signals
To stage a recovery, XRP must reclaim crucial resistance zones, with a break above the $3.14 and $3.15 range, marking the peak of the recent triangle pattern, indicating that the current correction is over. Further upside momentum above $3.21 would strengthen the case for a bullish breakout, paving the way for XRP to target new highs.
Conclusion
XRP’s recent price action has left traders grappling with critical decisions, as the steep decline paired with surging trading volume underscores market uncertainty. The $2.52 level will be a decisive factor for XRP’s near-term direction, while resistance levels at $3.14 and above must be cleared for any meaningful recovery.
With heightened volatility, XRP’s next move will likely set the tone for its trajectory in the coming weeks.
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