💸 XRP Price Takes a Nosedive: What’s Going On? 📉

XRP is currently trading below $3 as the bears take control of the market. Brace yourselves, folks!

Key Support levels: $2.5, $1.6

Key Resistance levels: $3, $3.3

1. Bullish Momentum Stopped

On Monday, XRP briefly dipped to $1.8 before recovering. This effectively halted the bullish momentum and put sellers in the driver’s seat. The current support at $2.5 seems shaky, and if sellers come back in full force, XRP could drop to $1.6 next. Yikes!

2. Falling Volume Was an Early Bearish Signal

Ever since XRP’s price moved above $2, the volume has been making lower highs, including when the price went towards $3.4. This was an early bearish divergence, showing that buyers are getting tired. On Monday, this was confirmed as momentum shifted, and a correction started. Ouch!

3. Bearish Divergence Confirmed

A bearish divergence was also present on the weekly RSI and has now been confirmed by this latest price action. XRP appears to have hit a top at $3.4, at least for now. This correction could be significant if buyers don’t return soon, as sellers will aim to break $2.5 and aim for $1.6. Hold on tight!

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2025-02-05 12:38