How Low Will The Price Dip?

• Bitcoin and the Top 10 Altcoins have taken a hit amid market wide decline.
• XRP could drop more if Bitcoin continues to decline.
• $2.52 is a critical level for XRP’s short-term price outlook.

The overall crypto market is currently facing a major decline, with many cryptocurrencies seeing double-digit drops. 

Bitcoin (BTC) has seen a decrease to $98,354, down 5.91% in the last 24 hours, while Ethereum (ETH) has also dropped 7.95%, now trading at $3,037. XRP is facing a significant setback, down 10.43% at $2.76. This drop is part of a broader market-wide retracement, influenced by factors like the upcoming FOMC meeting and movements in the stock market, particularly the struggles in AI-related stocks. 

The market is also facing volatility due to liquidations. Bitcoin saw a sharp dip to around $100k and below, wiping out $142 million in long positions within just 12 hours. This triggered a cascade of liquidations, increasing selling pressure and causing further price drops. In the last 24 hours, the total liquidation across the crypto market reached $877 million.

Related: Crypto Market Dip: Key Price Levels for XRP, ADA, DOGE, BNB, and TRX

Key Price Levels for XRP

Currently trading at $2.80, XRP has faced a major decline from its 1-month high of $3.40, which coincided with its 52-week high and 13-week high. However, this upward momentum stalled, marked by key technical indicators such as the 14-day RSI reaching an overbought level of 80%. There’s a possibility of further decline depending on Bitcoin’s performance, and if Bitcoin falls more, XRP could drop more.

The $2.52 level is crucial for XRP’s short-term outlook as it represents a key support point for the current market structure. If XRP manages to hold above this level, the focus remains on higher prices, possibly continuing the bullish pattern. A break below $2.52, however, could signal further downside pressure and lead to testing deeper support levels. 

Can XRP Rebound Above $3?

Despite this downturn, XRP is currently trading above its 1-month low of $1.99 but is facing strong resistance near $3 levels. It’s important to keep an eye on key immediate support levels at $2.70 and $2.60.

However, the long-term bullish structure for XRP remains intact. The recent price action suggests that XRP is consolidating above previous resistance levels. If the market holds here, experts expect the bullish momentum to continue, especially with a potential Trump’s crypto-friendly administration and with XRP’s upcoming fundamentals.