$XRP Price Faces Risk of Losing $2 Support This Week, But There’s a Catch 👇
On January 8th, Tuesday, the crypto market saw an uptick in selling activity as Bitcoin (BTC) approached a critical support level near $90k. Despite the broader market pullback, $XRP P demonstrated resilience, bouncing 4% and maintaining its position above key support. As of now, XRP is trading at $2.36, with a market capitalization of $135.2 billion and a 24-hour trading volume of $7.5 billion.
$XRP continues to consolidate in the short term, forming a pennant pattern that suggests a potential breakout or breakdown. However, the market has experienced significant selling pressure, largely driven by crypto whales offloading millions of XRP tokens. According to Santiment, these large holders have sold 60 million tokens in the past 24 hours, heightening the risk of a breakdown below the pennant's lower support.
With the ongoing market correction, there’s a possibility that XRP could face a 10% decline, testing the lower trendline of the pennant. If the price falls below this key support, the selling pressure could intensify, potentially pushing XRP down to $1.12. However, it’s important to note that market conditions can shift rapidly, and while a breakdown is possible, XRP's resilience above current support could still offer opportunities for recovery.
Note: This analysis does not constitute investment advice. Stay updated on the latest crypt
o news.
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