Key Insights:
- If XRP’s bearish momentum continues and the asset closes a daily candle below $1.95 or $1.90, it could drop by 40% to reach the $1.15 level.
- Amid this bearish outlook, XRP’s 200 EMA also appears to be playing a key role, as it is positioned near the critical level of this bearish pattern.
- Despite the ongoing bearish momentum and price action, some investors and long-term holders still find it necessary to accumulate XRP tokens.
Given the current market sentiment and bearish price action, the XRP price prediction has become a key topic of discussion. Over the past week, alongside major cryptocurrencies, XRP has recorded a price decline of over 16%. As a result, the asset has reached a critical level within a bearish pattern, raising concerns about a potential price drop in the coming days.
XRP Technical Analysis and Price Action
According to expert technical analysis and XRP price predictions, the asset has formed a bearish head and shoulders pattern on the daily timeframe. Meanwhile, the price has approached the neckline and is on the verge of a breakdown.
XRP Price Prediction
Based on recent price momentum, if XRP breaches the neckline and closes a daily candle below the $1.95 or $1.90 level, there is a strong possibility it could drop by 39% to reach the $1.15 level.
However, there is also a chance that XRP could reverse and rebound, repeating its past price action.
Despite the continuous price decline and notable loss of value, the asset has remained above the 200-day Exponential Moving Average (EMA), indicating a bullish trend.
Current Price Momentum
At press time, XRP was trading near $2.10, having recorded a 3% price drop in the past 24 hours. However, CoinMarketCap data revealed that the asset is quietly recovering after hitting an intraday low of $2.02.
This ongoing price recovery seems to be attracting traders’ and investors’ interest, resulting in a 35% jump in XRP’s trading volume during the same period.
$5.15 Million Worth of XRP Outflow
Apart from the bearish outlook, investors and long-term holders seem to be taking advantage of this level by accumulating tokens, as reported by the on-chain analytics firm Coinglass.
Data from spot inflow/outflow reveals that exchanges have witnessed an outflow of $5.15 million worth of XRP tokens in the past 24 hours, indicating potential accumulation that could drive buying pressure and an upside rally.
