As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I have seen my fair share of market fluctuations. The recent price action of XRP has raised red flags that are hard to ignore. Losing the key support level represented by the 200-day moving average on the daily chart is never a good sign, especially when it happens so quickly.
There’s a strong possibility that the value of the well-known cryptocurrency, XRP, could dramatically drop. This belief arises from the concerning price fluctuations of XRP over the past few hours.
As can be seen on the price chart of the seventh largest cryptocurrency, it has seen a dramatic drop of around 2.38% in just two hours today. As a result, the key price support level represented by the 200-day moving average has been lost. What is even more painful is that it was lost on the daily chart, which adds to the severity of the situation due to the time frame.
Yet, this incident doesn’t signal the conclusion of the story, as the price of XRP mirrored this decline by testing the resistance level of its 50-day moving average on the weekly graph in a bearish manner.
Previously, an event similar to this occurred during the April-May period for a well-known cryptocurrency. After several weeks of attempting to breach this level as resistance, the price of XRP was unable to do so and experienced a significant sell-off, leading to a low of $0.3823 in early July.
In total, the drop was nearly 33% and hundreds of millions of dollars in liquidations for bullish XRP traders.
It’s still uncertain if this kind of progress will occur. However, despite the pessimistic signs, the cryptocurrency market appears to be leaning towards optimism. For instance, last week saw a record $2.2 billion invested in crypto products – the highest amount since July.
Should XRP maintain this pace, it might signal a unique trend for the well-known digital currency, unveiling a storyline that’s yet to be fully recognized by a broader public.
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2024-10-22 18:08