XRP Price Stands Strong Above $2 Amid Crypto Bloodbath—Is This the Next Big Thing in the Crypto Space?
The post XRP Price Stands Strong Above $2 Amid Crypto Bloodbath—Is This the Next Big Thing in the Crypto Space? appeared first on Coinpedia Fintech News
The uncertainly prevailing over the stock markets seems to have negatively impacted the crypto markets, which once were being benefited. This shift in market dynamics seems to be scary, revealing the excess dominance of the institutions over the markets. In the meantime, the token that once was called a ‘centralized token’ is now displaying disparity from the top two tokens. The XRP price remains still above a crucial barrier wherein a rebound could elevate the levels back above $2.8; otherwise, a major pullback seems to be imminent.
Ever since President Trump officially approved the creation of a Bitcoin strategic reserve, the demand for an XRP reserve has also spiked. Besides, the speculation of the token becoming a U.S. reserve asset is also making huge noise, which may have kept the price above the bearish range. However, the token continues to trade around a crucial range while the bulls are utilizing all their energy to keep up the price above the barrier.
Will the XRP price drop below $2 & reach $1.5 or rebound to rise above $2.5?
As seen in the above chart, the XRP price has reached the neckline of a head and shoulder pattern. This suggests the rise of the bearish dominance against the bulls, as the supertrend has turned bearish regardless of the recent rebounds. On the other hand, the RSI has displayed a bullish divergence but remains below the descending trend line. Therefore, the XRP price is feared to break below the support to squeeze out all the selling pressure, as the bears have been constantly trying to drag the price below $2 since December 2024.
Regardless of the price plunge, the XRP price remains under bullish influence as the market sentiment remains bullish. The token is the third largest crypto, which has been heavily benefited from Trump’s victory. After Hedera & Mantra, XRP has surged over 336%, leaving behind the other popular tokens. Now that the price is strongly holding support above $2, it suggests the trader’s sentiments to remain bullish regardless of the bearish pressure escalating over the markets.
Hence, the XRP price is believed to consolidate for a while, followed by a bullish breakout above $2.5.
