XRP price could drop 50% despite ETF inflows
The XRP cryptocurrency has depreciated by 12% over the last five days, and technical analysis indicators suggest that the downward trend may continue. A "bear pennant" pattern formed on the three-day chart was confirmed after the price fell below the 1.40 USD level. This was reported by Cointelegraph.com reports .
Experts believe this technical formation poses a risk of the XRP price dropping to the 0.65 USD level, which is nearly a 52.5% decline from its current value. A ChartNerd analyst highlighted a "death cross" signal on the weekly chart, noting that this has historically led to 50% corrections.
The daily RSI indicator has fallen from 63 to 42, indicating increasing selling pressure in the market. Investors are closely monitoring the support zone at the 1.27 USD level.
If the price falls below this critical threshold, there is a possibility that the XRP/USDT pair could collapse to 1.11 USD and subsequently to the 1 USD psychological level. Thus, despite continued capital inflows into ETFs, technical factors predict a difficult period for the cryptocurrency.
