XRP Plummets: The Double Top Pattern Confirms the Downtrend After Days of Stagnation. Brace for Impact as XRP Could See More Losses in the Coming Days. The Coin Has Already Dropped 22% from its Peak in March 2024 and the Pressure is On.
Currently, the market’s momentum has shifted towards the south, with XRP experiencing a 2% decline in just one day. The bears have taken control, resulting in three consecutive bear bars that signal a weakening of the uptrend and a struggle for buyers to keep up.
Market fluctuations have led to a decrease of 11% in the past 24 hours, with a whopping trading volume of over $1.5 billion. Traders are proceeding with caution and adopting a ‘wait-and-see’ strategy amidst the uncertainty.
Meanwhile, the following Ripple and XRP news could shape price action:
- Ripple, the innovative company, has just sent a whopping 1 billion XRP to a secure wallet. But here’s the catch – this fortune will be locked away until 2027, creating a ripple effect in the market. With fewer coins in circulation, experts predict a surge in prices, with some even anticipating a bounce above the $0.66 mark.
- Their revolutionary cross-border solution has been successfully integrated by SCB Thailand, resulting in lightning-fast transaction processing times of just one minute. And that’s not all – with over 80,000 transactions being processed every month, Ripple and XRP have become the go-to choice for multiple financial processors looking to streamline their cross-border transfers through On-Demand Liquidity (ODL).
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XRP Price Analysis
XRP/USD is feeling the heat as it struggles to hold its ground at current levels.
The once stable coin is now slipping, drifting further away from its recent period of calm between $0.58 and $0.66.
This downward trend signals a potential bearish turn, with a retest of $0.50 looming for sellers. However, all hope is not lost for the bulls as a decisive break above $0.66 could shift the tides and reignite the bullish momentum seen on March 11.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.