XRP prices decreased by 4.08 % last day, along with the majority of the encryption market in the wake of the American announcement of a 50 % potential tariff on the goods imported from the European Union (European Union). Amid this stagnation in the market, the famous market analyst Casitrades stated that XRP lies in the risk of another decrease in the event of a failed support level.
XRP should avoid collapse less than $ 2.25 – $ 2.26
With Bitcoin prices reaching the highest new level ever last week, XRP followed its example, reaching $ 2.45 before suffering from price rejection driven by negative macroeconomic pressure due to the new international definitions by the United States government.
On the day, the price of XRP decreased by more than 5 % from $ 2.45 to $ 2.33 before finding some stability to enter a side movement as shown in the past few hours. according to CasitradesThe XRP rejection corresponds to the extension of 1: 1 Fibonacci to the corrective CC of Elliott, indicating a possible exhaustion of the previous relief equipment that was seen earlier in the week.
It is worth noting that the analyst warns that the XRP decrease may lead to a “main structural support” in the price area of $ 2.25 – 2.26 dollars, which corresponds to the Fibonacci 0.382. Casitrades explains that FIB 0.382 represents the main technical price level during the past six months.
Therefore, price interruptions can lead to less than this level to deeper corrections, forcing the price of XRP to a decrease of $ 1.55 – $ 1.90, a step from prices that would wipe all the price gains recorded since the encryption market resuming in early April. However, if the support zone is from $ 2.25 to $ 2.26, then this flexibility in the market can lead to a new price to about 2.70 dollars and beyond. After that, XRP is likely to return to the local peak to run the current bull at $ 3.84.
Overview of the XRP price
At the time of writing this report, XRP continues to trade at $ 2.33 after a decrease of 1.45 % last week. However, Altcoin rose 9.77 % last month, reflecting that the majority of those entering the new market are still in profit.
In other positive news, the volatility is involved Firing XRP FUTURES TORDED TREED (ETF) on May 22. It is a 1x box, which indicates that it will track the daily performance of future XRP contracts without any influence.
With the total market value of 233.58 billion dollars, XRP is still the fourth largest encrypted and third largest altcoin in the market.
