Trading expert warns that XRP may face more losses, most likely decreased less than $ 2, as technical indicators indicate that continuous correction may continue.
As of the time of the press, XRP was traded at $ 2.16, a decrease of 1.56 % over the past 24 hours and more than 8 % last week.
XRP is likely to continue
On May 30 Tradingvief mailAnalyst Mr. Ananda He pointed out that XRP shows renewed signs of weakness. The deliberate landmark indicates that the correction stage may end.
The descending movement was accelerated on May 12. Since then, XRP has been increasingly pressure, less than the emerging green canal it has followed since early April, which has ended the short -term bullish bounce when the original violated one dollar resistance.
The main technical transformation was the collapse of this thunderbolt channel, which was characterized by moving from its highest levels to its highest levels, three consecutive red candles, and the weakness of the wide market.
One silver lining from Ananda The analysis is that the declining size remains “very low”, which may indicate that the current sale lacks established condemnation. However, he stressed that merchants should prepare for more negative aspect without a strong level of support.
The Ananda Plan is the following potential support zone, or “higher drop”, about $ 1.60 to $ 1.85. This area was an outbreak area in early April, and it may now operate as a price floor.
It is worth noting that Fibonacci’s spread level 0.236 at $ 2.0350. Depending on the broader market morale, this level can open the door to $ 1.80 or even to $ 1.61.
Despite the short -term expectations, Ananda It is still optimistic about the long -term XRP prospects. In this case, many long -term holders are still targeting resistance levels at $ 2.70 and up to $ 3.40 in a future reflection in the future.
The analyst said: “Although recovery can happen on any day, the signals are dumper and we have three consecutive days, as the red procedure, in addition to more than two weeks, see lower prices. We are long -term bullies, but anything short -term can happen.”
XRP basics basics
The last losses by XRP were largely paid entitled the broader market on the market. If the landmark continues, the bears can pay the price to less than $ 2.
This sale comes despite the low PCE price index in the United States (except for food and energy) to an annual average of 2.5 % in April, its lowest level since March 2021.
However, the Federal Reserve has maintained a sliced position, warning that commercial tariffs could increase the risk of stagnation.
The correction also sparked major measures in the liquidation markets. When XRP decreased to $ 2.17, traders were struck by $ 30 million in references, almost all long positions, which lost $ 29.75 million, compared to only $ 384,000.
Meanwhile, investors will also see special XRP basics, including potential approval on Spot XRP ETF and SEC’s accuracy against Ripple, which may head towards settlement.
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