XRP Faces Potential Further Decline as Technical Indicators Suggest Cooling Momentum
Main Idea
XRP's price has fallen below the $3 mark, signaling a potential 20% decline as technical indicators suggest weakening support and momentum.
Key Points
1. XRP has broken below the $3 Bollinger Bands midline, indicating a loss of upward momentum.
2. Weekly charts suggest XRP could drop up to 20%, testing support near $2.39.
3. The Bollinger Bands' expansion during XRP's rally now suggests a potential transition to lower support levels.
4. XRP's cooling phase may persist longer than bullish investors hope, with downward pressure likely until it returns above the 20-day moving average.
5. Traders should monitor support levels near $2.76 and $2.39 for signs of momentum or further decline.
Description
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