XRP Forms a Bearish Pattern – Major Price Drop Ahead?

Is XRP Big Crash on the way?

In the last 7 days, XRP has kept the traders on their toes. With a peak price of approximately $2.7 and a bottom price of $2.4, XRP is playing around the lines of 50- and 100-days average.

Now that XRP has reached a crucial stable level, we can expect to see a drop in the coming days.

On Monday 25th February, XRP dropped to $2.4 recording a massive drop of 30% since the start of the year. The sell-off of the XRP is being linked to the overall movement of the Crypto market. With Bitcoin still trading under $100,000, the fear and greed index remains under 38.

Traders are making their move with the slight change in Bitcoin behavior. Bitcoin started positively, and XRP followed it. This is why we all saw positive movement from both the Cryptocurrencies. However, a drop of $0.84% in Bitcoin acted as a domino effect resulting in the XRP fall today.

Technical Players Are Betting On Further Downfall of XRP

XRP is trading at a 100-day average price. It is currently bearish and hence little difficult to predict its next movement.

However, some experts strongly believe in their deductions and have provided their insights on the XRP’s trajectory.

CoinEdition reports that the Dark Defender’s analyst has identified $2.6 as the breaking point for XRP. If XRP crosses these breaking points and reaches $2.77 or more, it could potentially cross the $3 mark in the coming days.

Bitrue shares the same expectation out of XRP and predicts that if XRP breaks the $2.8 resistance, the trajectory could pave the path for a possible $3.4.

Can The Altcoin Reclaim $3?

The month of February has not been a great time of the year for XRP as it has spent all its time trading below $3. XRP started strong trading close to $3, but with February it dipped below $2.5.

The chances for XRP to cross $3 are rather bleak, but there are still market leaders who believe the market is slowly moving against all resistance to make that bleak chance a possibility.