Is XRP About to Take a Nosedive? You Won't Believe What Happens Next! 😱

So, here we are, folks! A spicy CPI data print has thrown a wet blanket on our dreams of XRP (yes, that altcoin we all love to hate) making a miraculous recovery. Instead, it’s just doing the sideways shuffle between $2.50 and $2.30. How thrilling! 🎢 And guess what? It’s dropped below $2.40. One analyst is waving a big red flag, saying things could get even messier if it loses its precious $2.20 support. Yikes! 😬

XRP EMA bands signal a potential bearish reversal

Enter Dom, our XRP market oracle, who’s got a thing for exponential moving average (EMA) bands. Apparently, these bands have a knack for triggering short-term bearish moves or, you know, just ruining everyone’s day in previous bull markets. Classic! 🙄

Now, let’s take a peek at the daily chart. Whenever XRP’s price has decided to play hide and seek under the 50-day and 100-day EMA bands, it’s usually followed by a minimum 30% correction. Talk about a dramatic exit! Between 2017 and 2021, this was basically a “run for the hills” signal. 🏃‍♂️💨

If XRP closes a daily candle below its $2.20 support level, we might be looking at a drop to $1.50 or $1.60 in the coming weeks. But hey, who doesn’t love a good rollercoaster ride? 🎢

But wait! There’s a silver lining! The analyst mentioned that XRP is still getting some love from Coinbase, Bitstamp, and Bitfinex traders. However, Binance traders seem to be on a coffee break since Feb. 7. Dom quipped,

“It’s pretty spectacular how right when Binance spot market starts bidding, $XRP goes up. Binance runs the show when it comes to $XRP price moves.”

XRP liquidity remains above $2.50

So, XRP has been consolidating sideways since Feb. 7, with a trend that’s leaning towards a bearish bias. It’s like being stuck in a traffic jam, but with more existential dread. 🚗💨 But really, it’s in no man’s land until it breaks above $2.50 or below $2.30. Talk about commitment issues!

Currently, liquidity is hanging out at both demand and supply areas for XRP, which means these levels will dictate its next move. With the price testing the resistance at $2.50 three times this week, the best-case scenario is for XRP to snag some demand zone liquidity under $2.32 before making a run for $2.50. Fingers crossed! 🤞

And with CPI data coming in hotter than a jalapeño, inflation pressure is still a big concern. So, the Federal Reserve is unlikely to cut interest rates anytime soon. The highest CPI data since June 2024 is keeping investors in a “risk-off” mood as the crypto market collectively struggles to break free from bearish pressure. What a time to be alive! 🙃

2025-02-12 20:00

Is XRP About to Take a Nosedive? You Won’t Believe What Happens Next! 😱

XRP EMA bands signal a potential bearish reversal

XRP liquidity remains above $2.50

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