XRP prices have fallen by 4.08% last day, in addition to the majority of the cryptomarkt after the American announcement of a potential rate of 50% on goods imported from the European Union (EU). In the midst of this market, the popular market analyst CasiTrades has stated that XRP is in danger to further decline if a certain level of support fails.
XRP should avoid crash under $ 2.25 – $ 2.26
Since the Bitcoin prizes reached a new of all time in the past week, XRP followed the example and reached up to $ 2.45 before they experienced a price rejection that was driven by negative macro-economic pressure due to the new international rates by the US government.
In the day, the XRP price fell in particular by more than 5% from $ 2.45 to $ 2.33 before he found some stability to enter a lateral movement as seen in the past hours. According to CasitradesXRPs rejection is in line with a 1: 1 Fibonacci extension of the corrective C-golf pattern in the Elliott golf theory, which indicates the possible exhaustion of the earlier reliefally earlier in the week.
In particular, the analyst warns that the decline of XRP can lead to a retest of “large structural support” at the price zone of $ 2.25 – $ 2.26, which matches the Fibonacci retracement level 0.382. Casitrades explains that FIB 0.382 has represented an important technical price level in the past six months.
That is why a price study below this level could cause deeper corrections, so that the price of XRP would be forced as low as $ 1.55 – $ 1.90, a price movement that would wipe out all price gains that have been registered since the uptrend of the cryptomarkt that was resumed at the beginning of April. However, if the $ 2.25 – $ 2.26 support zone applies, such a resilience of the market could activate a new price rod up to around $ 2.70 and then. After that, XRP is likely to return to the local peak of the current bull run run at $ 3.84.
XRP -Award overview
At the time of writing, XRP continues to act at $ 2.33 after a fall of 1.45% in the past week. However, the Altcoin has risen by 9.77% in the past month, indicating that the majority of the newcomers of the Nieuwe Markt is still in profit.
In other positive news, volatility shares launched An XRP Futures Exchange-Traded Fund (ETF) on 22 May. It is a 1x fund that indicates that it would follow the daily performance of XRP-Future contracts without leverage.
With a total market capitalization of $ 233.58 billion, XRP remains the 4th largest cryptocurrency and the third largest altcoin on the market.
