📉 XRP Faces Correction After Recent Highs
After reaching $2.8 last week, XRP experienced a 3% drop in the last 24 hours, bringing its price to $2.48 with a market cap of $141 billion. Despite this, some analysts believe XRP remains undervalued and could resume its bullish rally.
📊 Is XRP Undervalued?
Crypto analyst Ali Martinez highlighted that XRP broke out of a multi-year bullish symmetrical triangle pattern dating back to 2018. Martinez suggests XRP could target $8.4 conservatively, with an optimistic goal of $48.
📈 Technical Indicators Reveal Mixed Signals
While XRP’s RSI dropped from the overbought zone, signaling increased selling pressure, the CMF moved upward, indicating rising buying pressure. This contrast suggests potential for an uptrend despite bearish sentiment dominating recently.
📉 Volume and Open Interest Decline
XRP’s trading volume and open interest dropped, hinting at a possible bullish trend reversal. However, for this reversal to materialize, XRP needs to surpass $2.7 in the short term, as liquidation levels at that price could trigger corrections.
⚠️ Downside Risks Persist
If bearish momentum continues, XRP might drop further to $2.43. Investors should monitor key levels and market sentiment to gauge the token’s next move.
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