XRP Loses 3.5% In Hours: What's Next For Price?

Key Points

1. XRP dropped from recent highs around $2.95 to below $2.90 after gaining over 30% in less than a week, indicating a brittle market.

2. The RSI reached 77, signaling overbought conditions and prompting profit-taking, contributing to the correction.

3. Market turbulence, including a sharp decline in Bitcoin, added pressure, with XRP potentially retesting support at $2.50 if Bitcoin continues to drop.

4. Key support levels for XRP include the 50-day EMA at $2.27 and the 200-day EMA at $2.15, with $3.00 acting as a resistance level.

5. Increased trading volume suggests more volatility ahead, with XRP needing to reclaim $2.95 convincingly to stabilize.