📉 XRP Faces Bearish Momentum
XRP is trading near $2.25, down 2.90% in the past 24 hours, with a 20% drop in trading volume. Bearish sentiment across the crypto market has weakened XRP, raising concerns about further price declines in the short term.
🔑 Where Will XRP Find Support?
Technical analysis suggests XRP may break below yesterday’s low, with a potential 8% drop to $2, a key support level. This could act as a rebound point, offering an accumulation opportunity for long-term holders. Despite the dip, XRP remains resilient compared to other major assets due to its strong fundamentals.
🚀 Bullish Developments Offer Hope
A recent meeting between Ripple CEO Brad Garlinghouse and President-elect Donald Trump signals potential bullish developments. Additionally, the potential launch of an XRP ETF this year and increased interest from firms like Woorton indicate a positive long-term outlook.
📊 Market Sentiment and Long-Term View
While short-term sentiment remains bearish, whales and long-term holders are optimistic, steadily accumulating XRP. On larger time frames, the price decline appears to be a correction, possibly forming an accumulation zone.
🔮 Conclusion
With XRP nearing key support at $2, this correction could present a buying opportunity. Positive developments, coupled with strong fundamentals, suggest XRP may rebound once market sentiment improves.
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