- XRP has dropped 8% in the past week, mainly due to Bitcoin’s fall below $100K, but it remains above key support levels.
- If XRP rises to $2.62, $20.5 million worth of short positions could be liquidated, potentially triggering a short squeeze.
- Analysts suggest that a close above $2.30 could set XRP on a path to $2.62, signaling a potential recovery and price surge.
Ripple’s XRP is facing a turbulent period as the cryptocurrency experiences a decline in value. Over the past week, XRP has dropped by almost 8%, primarily due to the broader market downturn triggered by Bitcoin’s fall below the $100K threshold. Despite this, XRP still holds above crucial support levels, leaving the door open for a potential rebound soon.
At the time of writing, XRP’s price is $2.17. It has a 24-hour trading volume of $28.35 billion and a market cap of $124.09 billion. Over the last 24 hours, XRP has decreased by -9.03%. This price movement reflects the broader challenges facing the crypto market, yet XRP’s key support zones have continued to hold, offering a glimmer of hope for investors.
$20.5M in XRP Shorts at Risk
Despite the recent price decline, XRP is maintaining a position above its crucial support levels, suggesting that it may be in a strong position for a potential recovery. These support zones are critical as they help determine whether XRP will continue to struggle or break free from its current slump. As long as XRP holds above these key levels, there is optimism for a rebound soon.
Crypto market expert Ali Martinez has noted that $20.50 million worth of short positions could be liquidated if XRP rises to $2.62. A short squeeze could provide the catalyst XRP needs to make a sharp upward movement, which could fuel further buying and bring the price back to more favorable levels.
XRP Poised for Recovery, $2.62 in Sight
Crypto analyst EGRAG CRYPTO has provided a bullish outlook for XRP, suggesting that the asset could close its 3-day candle above $2.30, signaling a strong bullish trend. A close above $2.30 would indicate that XRP is gaining strength, and the next target would be $2.62. If XRP breaks above $2.62, it would trigger a full bullish formation and pave the way for a new leg up, potentially bringing significant price gains.
XRP’s performance is closely tied to broader market trends, especially Bitcoin’s price movements, which significantly impact the entire cryptocurrency sector. The recent decline in Bitcoin’s price has undoubtedly put pressure on XRP and other digital assets. Still, the cryptocurrency’s ability to hold above critical support levels suggests it may be poised for a recovery.
With a potential short squeeze on the horizon and analysts’ bullish outlook, XRP could see a surge in the coming days. The $2.62 target remains a key point to watch, as it could trigger the next phase of growth for XRP, allowing it to reclaim lost ground and push higher.
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