TL;DR
- XRP tanked to a four-month low, with analysts warning of further declines due to the breakdown below key support levels.
- Despite the bearish outlook, the asset’s RSI has dropped to 18, deep in oversold territory, hinting at a potential short-term rebound.
What’s Next After the Bloodbath?
The entire cryptocurrency market experienced a major pullback in the past several hours, with numerous leading digital assets witnessing double-digit price declines. Ripple’s XRP is no exception, as it dipped by 20% on a daily scale and currently trades at around $1.70 (per CoinGecko’s data).
Multiple analysts noted the latest slump and speculated on XRP’s next potential move. The X user CRYPTOWZRD believes the price could drop to $1.51 if Bitcoin (BTC) keeps declining along with the US stock market. It is important to note that the primary cryptocurrency crashed below $76,000 in today’s trading session, but the stock markets have yet to open.
Plummeting below the $2 support level appears to be a serious concern for some other industry participants. Ali Martinez recently assumed that breaking under that zone could ignite a downfall to as low as $1.30.
Jesse Colombo outlined an even more bearish scenario. He estimated that XRP has broken below the neckline of a Head and Shoulders (H&S) pattern formation, which could set the stage for a 65% collapse to $0.60 “in a complete unwinding of its fall rally.”
Is There Light at the End of the Tunnel?
The overall landscape of the cryptocurrency market and XRP’s current condition doesn’t seem very promising as of the moment and investors should be prepared for a further slump in the following days.
However, one important indicator signals that a rebound may be observed in the short term. This is the Relative Strength Index (RSI), which measures the speed and change of price movements. It varies from 0 to 100, and readings below 30 hint that the asset has entered oversold territory, which may represent a buying opportunity.
Currently, the RSI stands at roughly 18, the lowest mark since the end of February.
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