XRP set for further losses after crashing below $3; New price levels to watch
Main Idea
XRP's price has dropped below the $3 mark, with analysts identifying key support and resistance levels, while macroeconomic factors and market conditions contribute to the decline.
Key Points
1. XRP's price fell below $3 after failing to hold above $3.50, shifting the short-term trend to bearish.
2. Analyst Ali Martinez identifies $2.55-$2.40 as the next key support zone, previously a consolidation area in April and early May.
3. The $3 level now acts as fresh resistance, and reclaiming it is crucial for bullish momentum.
4. Macroeconomic factors, including a disappointing U.S. jobs report and global tariffs, contributed to XRP's price drop.
5. XRP is trading at $2.94, down 0.13% in 24 hours and over 8% weekly, but remains above key moving averages ($2.64 50-day SMA and $1.87 200-day SMA).
Description
XRP’s technical structure is signaling further losses ahead after the asset plunged below the psychological $3 mark. The breakdown below $3 follows a failed attempt to hold above the $3.50 resistance level, which had capped the asset’s rally in late July. The sharp rejection from this area has flipped the short-term trend bearish, with XRP now eyeing lower support levels. According to analysis by Ali Martinez in an X post on August 2, the next key area to watch is between $2.55 and $2.40, levels...
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