Is This the Time to Sell XRP? Analysts Eye a Lower Re-entry Point
Main Idea
XRP has experienced a significant drop, with analysts predicting further declines and identifying key support levels for potential rebounds.
Key Points
1. XRP dropped to a three-week low of $2.72 and is down over 10% weekly, with the key support level of $3 breached.
2. Analyst Ali Martinez suggests shorting XRP near $2.98 with a target of $2.48 and a stop at $3.18, or buying between $2.40 and $2.20 for a rebound.
3. Michaël van de Poppe aligns with Martinez's target of $2.40, noting that XRP lost the $2.40-$2.60 level but may rise again from there.
4. XRP has closed bearish against BTC, but some analysts believe it will eventually stage a quick recovery.
5. XRP's dominance dropped from over 64% to under 59% in July but has rebounded past 60% as altcoins declined recently.
Description
TL;DR Alongside most of the market, Ripple’s native cryptocurrency has posted a violent price correction that has taken it south by over 20% since its recent all-time high marked just a few weeks back. Analysts are now warning that the asset could be on the verge of another breakdown as it lost a crucial support level. Deeper Correction Ahead? Although XRP has recovered some ground since the plunge this morning to $2.72 (a three-week low), the cryptocurrency is still down by over 10% weekly. The...
Latest News
- Kraken Revenue Soars Year-Over-Year – But EBITDA Takes a Hit2025-08-03 18:14:11
- RISC-V on Ethereum: Scalable Future or Risky Reboot?2025-08-03 16:41:43
- How Ripple Sees the Future: The Stablecoin Landscape for 2025 and Beyond2025-08-03 15:44:32
- Robinhood’s Crypto Revenue Nearly Doubles – Here’s What’s Fueling the Surge2025-08-03 13:57:14
- Is the ‘Still Early’ Narrative for Bitcoin and Crypto Dead?2025-08-03 13:42:51