XRP Price Threatens to Drop Sharply if Crucial $1 Support Level Is Missed
Despite the recent rally in XRP price to $1.10, the potential for a major correction is looming that could push the price lower.
Market analysis suggests that the coin’s failure to maintain momentum above $1 could accelerate selling pressure, jeopardizing its recent gains.
Support Levels:
$1: This is a key psychological and technical support. Losing it could open the door to larger declines.
$0.75 and $0.69: Next support areas, as they intersect with the 50-day moving average.
$0.58-$0.60: Levels that could be tested if the decline continues.
Market Weakness Signs:
Low Volume: Concerns about continued buyer interest at current levels.
Relative Strength Index (RSI): Shows that the market is in overbought territory, increasing the potential for a correction.
Losing support at $1 could trigger a series of leveraged position liquidations, adding to the downside pressures.
Macro conditions, such as Bitcoin’s performance and general market sentiment, could also significantly impact XRP’s movement.
If XRP fails to hold above $1, it is likely to face a sharp correction that could take it back to previous support levels at $0.75 or lower.
Observers remain cautious about this scenario, with a close eye on the coin’s performance in the coming days.
