XRP Price Drops to $1.46 Amid Market Downtrend

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 5 days ago

Should l Buy XRP?

Market Sentiment Decline: XRP's price fell 4.4% over the past 24 hours to $1.46, extending losses to over 8% from its weekly high of $1.60, reflecting cautious sentiment towards risk assets, particularly after Bitcoin dropped below the $70,000 support level.
Macroeconomic Signals: Jerome Powell's speech has dampened expectations for further interest rate cuts, combined with rising oil prices and geopolitical tensions, leading to a decline in investor sentiment that exacerbated XRP's price drop.
Holder Growth: Despite price volatility, the number of XRP holders has reached a new all-time high of 7.7 million, indicating growing confidence and adoption of the asset amid market uncertainty.
Technical Analysis Signals: XRP has formed an Adam and Eve reversal pattern, and a breakout above the neckline at $1.60 could trigger a strong rally in the short term, while the convergence of the 20-day and 50-day moving averages suggests potential bullish momentum.

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Technical Analysis for XRP

Technical Sentiment Analysis for XRP (XRP). As of , XRP (XRP) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for XRP stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, XRP is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

XRP (XRP) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	1.092	1.227	1.338	1.472	1.583	1.718	1.828
Fibonacci	1.227	1.321	1.379	1.472	1.566	1.624	1.718

About XRP

Launched in 2012, the XRP Ledger (XRPL) is an open-source, permissionless and decentralized technology. Benefits of the XRP Ledger include its low-cost ($0.0002 to transact), speed (settling transactions in 3-5 seconds), scalability (1,500 transactions per second) and inherently green attributes (carbon-neutral and energy-efficient). The XRP Ledger also features the first decentralized exchange (DEX) and custom tokenization capabilities built into the protocol. Since 2012, the XRP Ledger has been operating reliably, having closed 70 million ledgers.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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