Summary Points
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Current Price Action: XRP has dropped to $2.40, experiencing a 5% decline over 24 hours and an 8% drop over the past week, following a correction from the $2.70 level.
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Wave 5 Correction: Analysts indicate this decline aligns with a fifth-wave correction, with potential support near the $2.00 mark, suggesting a possible reversal could confirm the completion of this wave.
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Short-Term Weakness: Short-term analysis shows bearish movement, with projections indicating a potential decline to $2.25 before any recovery, despite longer-term patterns remaining bullish.
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ETF Expectations: Growing interest in a potential spot XRP ETF, bolstered by the favorable outcome of Ripple’s SEC case earlier this year, is contributing to market optimism, although current price action has cooled.
XRP: Drop to $2 Next or Breakout Brewing?
XRP recently dipped to $2.40, reflecting a 5% decrease over 24 hours. This drop highlights a potential correction after reaching a high of $2.70. Analysts suggest this move aligns with a five-wave correction structure, indicating that the price could test resistance near the key $2.00 level.
Analyst ChartNerd notes that the current pullback remains within a larger bullish framework. Importantly, the area just above $2.00 has served as a strong support zone in past downturns. Although short-term selling pressure persists, long-term patterns indicate resilience.
On the short-term front, Ali Martinez presents a different view. His analysis shows XRP struggling to maintain upward momentum, with potential moves towards $2.25. This suggests short-term bearish trends, yet the long-term viability of XRP remains intact.
Adding to the optimism, market sentiment appears buoyed by expectations of a spot XRP Exchange-Traded Fund (ETF). Recent developments surrounding Ripple’s legal battle with the SEC lifted a significant hurdle, paving the way for regulatory advances. Prediction markets now show nearly 100% odds favoring ETF approval.
Market watchers remain focused on these pivotal support zones and as sentiment shifts, XRP could either rebound strongly or continue to slide. As XRP navigates these challenges, investors will closely monitor technical signals and broader market trends.
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Disclaimer
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