XRP in Red Sea, Ripple based token in a Bearish Market
XRP is still in a deep bear market amid high selling pressure in the crypto market. Most of this year’s gains have been erased as XRP has fallen by a third from its January peak.
Altcoins’ collapse weakened XRP bulls’ morale to breach its monthly high.
XRP might be vulnerable to additional declines due to a slowdown in its ecosystem. In addition, most XRP-based meme coins also posted huge losses this week. XRP Army token has decreased by over 31% in the past seven days.
XRP consolidates within a narrowing wedge with lower highs and lower lows,
This pattern frequently suggests that selling pressure is progressively waning, which may lead to an upward breakout once buyers take back control. With a possible further decline ahead of a bullish reversal, the current price movement indicates that XRP is testing important support levels.
The lower edge of the wedge is an important thing to keep an eye on. If XRP maintains support at $2.25 and gains more buying momentum. However the token faces more bearish pressure if support doesn’t continue at this level. Sophisticated traders usually watch such technicality because these formations reveal information about market sentiment and possible entry points
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