- XRP is in a bearish phase, with a death cross as the MA50 ($2.52) fell below MA200 ($2.68), indicating potential downside.
- Whales offloaded 370M XRP in 96 hours, increasing selling pressure; key accumulation zones at $2, $1.855, and $1.73.
- Crucial support at $2.20-$2.28 must hold to prevent deeper losses; a breakout above $2.52-$2.68 could lead to a bullish momentum.
XRP has had a sharp decline, dropping over 17% this month, making it the worst performer among the top 10 cryptocurrencies. This is more than Solana (SOL) which has dropped by over 11%.
This is due to major withdrawals from Binance by Wintermute, a major market maker. At press time, XRP was trading at $2.28, a 4.22% increase in the past 24 hours despite recent losses.
Price Movements and Support Levels
XRP is on a downward trend with daily high reaching $2.3222, while the low was at $2.2634. After a strong upward rally from November to January, XRP has been in a corrective phase since early February.
XRP is trading within a crucial support range between $2.20 and $2.28. Bollinger Bands suggest that XRP is approaching an oversold level, with the lower band at $2.2206. If the price fails to hold above this level, further declines could occur.
The middle band at $2.5281 shows the key resistance level that must be reclaimed for any short term recovery. Monitoring the price reactions at these levels is essential to gauge the near term next move.
Moving Averages and Market Trends
Technical indicators show XRP is in a bearish phase. The 50 day moving average is at $2.52, while the 200 day moving average is at $2.68.
A bearish crossover has occurred, with the MA50 dipping below the MA200, a pattern known as a “death cross.” This often indicates the potential further downside. XRP previously surged from below $1 to a peak above $3.38 in January.
However, the correction in February has brought prices lower, with the MA50 acting as dynamic resistance. If XRP fails to break above $2.52, it may continue its downward movement. A sustained drop below $2.20 could bring further declines toward $2.
Whale Activity and Analyst Views
According to analyst Ali, whales have offloaded over 370 million XRP in the past 96 hours. This selling pressure may contribute to the ongoing decline. Meanwhile, Egrag Crypto notes that XRP has formed a pattern of consecutive red candles but recently showed three green candles.
He suggests that if XRP holds support near $2.07, it could establish a double bottom formation. Egrag Crypto also identified potential accumulation zones at $2, $1.855, and $1.73. These levels could attract buyers if the price continues to decline.
