XRP’s prolonged struggle to surpass the $2.73 resistance level has left investors disheartened, with the altcoin locked in a consolidation phase for over a month. This stagnation has eroded trader confidence, evidenced by reduced market activity and significant withdrawals.
In the last 24 hours, Open Interest in XRP Futures plunged by $1 billion, dropping from a peak of $2.9 billion fueled by hopes of a rally. This dramatic decline underscores a bearish market sentiment, with investors doubting XRP’s ability to overcome its critical resistance. Adding to concerns, XRP’s macro momentum appears to be weakening. The Price DAA Divergence, a key indicator, signals a bearish trend, marked by dwindling investor participation and stagnant price action. Analysts warn that this could trigger profit-taking, potentially pushing XRP below the $2.00 support level.
Bearish Trends Amid Optimistic Projections
Despite the current bearish outlook, some analysts remain bullish on XRP’s long-term potential. Dark Defender, a prominent crypto analyst, identified a bull flag pattern on XRP’s weekly chart, suggesting a potential price target of $8.67 following the current correction phase. He highlighted crucial support levels between $2.03 and $2.17 and resistance levels nearing $2.69, emphasizing XRP’s resilience during market turbulence.
Egrag, another crypto analyst, predicts a bullish future for XRP, forecasting a price surge to $15 by May 2025. Meanwhile, veteran trader Peter Brandt has shared an even more ambitious outlook, envisioning a 100x rally based on a bullish wedge pattern observed on XRP’s weekly chart.
What Lies Ahead for XRP?
XRP’s trajectory hinges on market sentiment and broader crypto trends. A bullish shift in the crypto market could enable XRP to break through its $2.73 resistance and set sights on its all-time high of $3.31. However, the altcoin must first defend its $2.00 support level to avoid further declines.
Also Read: Pro-XRP Lawyer Bill Morgan Predicts XRP & HBAR to Outperform Bitcoin, Ethereum, and Solana in 2025
As traders await clearer signals, XRP’s performance will remain a focal point for investors, balancing between the promise of bullish breakthroughs and the risks of bearish downturns.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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