As the global crypto market is crashing. Bitcoin traded $77,000 for the first time since Nov. 10, Ethereum breached $2,000 level. Allying with, XRP, Ripple Labs’ native token, is in a crucial make-or-break situation due to bearish market sentiment and a recent price decline.
XRP is also down by 3.65% with a market cap of $122.69 million in the past 24 hours and is currently trading above critical support level of $2.00.
As per CoinGlass data, Over $956.26 million worth of traders—337,011 of them, to be exact—have been liquidated in the past 24 hours due to this correction. XRP has experienced a total of $37.88 million in liquidations over the past 24 hours. Of this amount, $28.68 million was derived from long positions and $9.20 million from short positions.
As per Rose premium signals, Ripple has formed a descending channel pattern on the daily timeframe after consolidating between $2.00-$3.00. This continuation pattern suggests accumulation before the next leg up. A bounce from the current support at $2.12 could drive price toward targets at $2.32, $2.61, $2.90 and $3.35.
Prominent crypto expert Ali Martinez says $XRP is reaching a pivotal level! If XRP Price Close below $2, a well-known bearish reversal signal suggesting a possible macro trend shift would confirm a head-and-shoulders break down. If the neckline breach, XRP can reach $1.20 in line with the pattern's height to its breakout.
Based on our analysis of the XRP daily chart, we have identified a support zone around $1.80 to $2.00. The price of XRP dropped below $2.00 several times before closing above $2.00 when a lengthy wick appeared on the chart.
The 200-day moving average is also seen close to $1.62, suggesting that the altcoin may recover if XRP stays above this mark. However, if Bitcoin hits $70,000, altcoins will experience increased selling pressure and the threshold will be breached, revealing support around $1.25 or possibly $1.00.
With President Trump's official approval, the creation of a Bitcoin strategic reserve has become much more popular. Furthermore, increasing conjecture that XRP might be a U.S. reserve asset is driving a lot of chatter that might be very important in preventing its price from moving into bearish territory. In spite of this, the token continues to be in a critical trading zone, with traders making every effort to maintain its price above a critical resistance level.
Also read: Bitcoin Price Crash: Mt. Gox BTC Transfers Fuel Bearish Sentiment
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