Coinspeaker
XRP Breaks Three-Year Downtrend – What’s Next for Its Price?
Following today’s crypto market correction,
XRP
$2.20
24h volatility:
8.2%
Market cap:
$127.74 B
Vol. 24h:
$5.63 B
price has dropped to the crucial support level of $2, which could be a make-or-break event for investors. Following today’s crash, crypto analyst Ali Martinez said that investors must be careful as a drop under $2 could trigger a major macro shift for the altcoin.
“A close below $2 would confirm a head-and-shoulders breakdown, potentially signaling a macro trend shift,” the analyst stated. The head-and-shoulders pattern is typically viewed as a bearish signal, suggesting the possibility of further downside if the $2 support fails to hold. As seen in the below image, if XRP fails to hold the $2 support, it could crash all the way to $1.20.
Market Analysts Remain Bullish on XRP Price
Earlier on March 11, the XRP price reached a low of $1.95. However, it bounced back quickly from there, recovering over 10%. XRP is currently trading at $2.13, with daily trading volume surging by 30% to $9.55 billion. As per the Coinglass data, the 24-hour liquidations have shot up to $36.17 million, of which $27.2 million is in long liquidations.
Compared to other altcoins, XRP has managed to hold its support levels well, keeping market optimism, with analysts sharing a bullish outlook. Crypto analyst Bitcoin Buddha highlighted a potential XRP price reversal after the cryptocurrency reached lows of $1.95.
“XRP looks ready for a reversal at this critical area,” the analyst stated. “If you’re selling here, remember that XRP recently broke a three-year downtrend in just a few weeks.”
The analyst added that the Ripple setup looks strong, suggesting that patience could yield significant returns for investors.
Ripple Cryptocurrency Outpaces Bitcoin In Weekly Inflows
Despite the XRP price volatility in recent weeks, the altcoin has managed to see strong institutional inflows, leaving behind some of the heavyweights like
BTC
$82 315
24h volatility:
4.1%
Market cap:
$1.63 T
Vol. 24h:
$38.21 B
. As per the latest CoinShares report, XRP has surpassed both Bitcoin and
ETH
$1 894
24h volatility:
1.9%
Market cap:
$228.52 B
Vol. 24h:
$20.58 B
during the last week inflows.
Bitcoin led the pack in weekly outflows, recording a substantial $756 million leaving its market last week. Ethereum trailed behind with outflows totaling $89.2 million, marking another significant dip in the crypto sector. On the other hand, Ripple cryptocurrency XRP saw inflows of $5.6 million.
This shows that institutional players remain optimistic about the Ripple crypto despite the current market volatility. Also, market optimism surrounding a possible settlement in SEC vs Ripple lawsuit is growing. This could ultimately prove to be a strong catalyst driving XRP price to fresh all-time highs.
XRP Breaks Three-Year Downtrend – What’s Next for Its Price?
