XRP threatens drop to $3: Will bulls step in to buy the dip?
Main Idea
XRP's price dropped below a key resistance level, potentially leading to further declines, but a rebound from support levels could signal renewed bullish momentum.
Key Points
1. XRP rose to a multi-year high above $3.66, but failure to sustain this level led to a pullback below $3.40.
2. The XRP/USDT pair may drop to the 20-day exponential moving average ($2.99), a critical support level.
3. A rebound from the 20-day EMA could push the price back to $3.66, with potential targets at $4 and $4.86 if resistance is broken.
4. If the price breaks below the 20-day EMA, it may indicate a bull trap, leading to further declines to $3, $2.80, or even $2.60.
5. The 4-hour chart shows a drop below the $3.34 support, with potential downside targets at $3 and $2.80.
Description
XRP’s tight range trading resolved to the downside, but lower levels are expected to attract buyers.
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