XRP Faces Potential Short-Term Decline Near $2.84 Amid Bearish Signals, Long-Term Rally Remains Possible
Main Idea
XRP is facing strong resistance near $2.84, with potential short-term declines to $2.50 due to bearish signals, but long-term forecasts suggest a possible rally toward $27.
Key Points
1. XRP is battling a significant supply zone between $2.80 and $2.90, acting as strong resistance where sellers dominate.
2. A Break of Structure (BOS) confirms a shift from bullish to bearish momentum, increasing the risk of rejection and a drop to $2.50–$2.60.
3. Short-term risks include algorithmic selling and stop-loss cascades if XRP fails to break above the supply zone.
4. A distribution pattern suggests large holders (whales) may be selling, adding to downward pressure.
5. Long-term analyst Egrag Crypto forecasts a potential rally toward $27 based on historical trendlines and support levels.
Description
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