XRP $2 Level Comes Under Pressure Amid Sudden 5% Drop: Details
2024-12-30
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As the year comes to a close, XRP is facing bearish pressure, with its price down 5.18% in the last 24 hours. This decline has put the psychological $2 level under pressure.
The crypto market is slightly lower on Monday as the final hours of 2024 get underway. Bitcoin is down nearly 2%, with several crypto assets mirroring this drop and a few reporting larger losses. Profit-taking by traders and macroeconomic uncertainty may have added to the downward pressure. According to CoinGlass data, $177 million in cryptocurrency positions were liquidated in the last 24 hours. Bullish bets accounted for the vast bulk of this sum, over $132 million.XRPUSD Daily Chart, Courtesy: TradingView">
Amid the selling on the market, XRP has managed to hold above the $2 mark, but the battle to maintain this level is becoming increasingly difficult.
At the time of writing, XRP was down 4.7% in the last 24 hours to $2.07, reaching intraday lows of $2.04 in Monday's trading session. The cryptocurrency is down 5.7% weekly.
What's next for XRP price?
The $2 mark has been a key psychological and technical level for XRP, representing a major area of support and resistance in its recent price action. However, the recent drop has brought this level into question, as selling pressure mounts amid broader market uncertainty. XRP's daily RSI has slipped below midpoint, suggesting an advantage for the bears.
Amid this, a few potential scenarios exist: first, if XRP falls below $2, it could trigger further selling and push the price down to the next support level at $1.90, which coincides with the daily SMA 50 and then $1.30. Sustaining the $2 level, on the other hand, could provide a basis for a potential rebound, especially if market conditions improve.
A breakout might take XRP to $2.91, while a breach below crucial support levels might suggest that XRP may have topped out in the short term. With less than 48 hours to the close of 2024, investors will be closely watching where XRP price trends next, especially its ability to sustain the $2 level.