XRP Price Prediction Turns Bearish, 30% Fall to $2 Now on the Table
XRP is facing a challenging start to August as the price action indicates a weakening trend on the weekly chart. The cryptocurrency has slipped below the critical $3 level after previously holding above it, sparking concerns of a potential deeper correction in the coming days or weeks.
On the weekly timeframe, XRP is exhibiting a clear breakdown below the $3 support zone. With just a day remaining until the weekly candle closes, the current red candle is on track to confirm a bearish divergence. This pattern often signals the onset of a larger market slowdown or pullback, potentially leading to a period of downside movement or sideways consolidation lasting a month or more.
Unlike Bitcoin, which typically experiences more gradual corrections, XRP is known for its sharp and sudden price swings in both directions. If the current bearish momentum persists, XRP could drop to around $2.50 as the initial major support level, or even down to $2. A decline to $2.50 from current levels would represent a roughly 13-14% decrease, while a move to $2 would signify a 30% drop.
Recent price action on the daily chart saw XRP bounce off the $2.90 level before breaking below it. This support level, which previously offered temporary respite, is now giving way to bearish pressure. Should this breakdown hold, it could trigger a further decline in the short term.
The next significant support range is situated between $2.55 and $2.62, potentially serving as the initial short-term target if XRP continues its descent. Additionally, with Bitcoin dominance on the rise, altcoins like XRP may face continued challenges as historically, increased Bitcoin dominance has led to struggles for the altcoin market.
Amidst shifting market conditions characterized by economic uncertainty, potential interest rate cuts, and global regulatory developments, the combination of these factors with XRP’s chart structure does not bode well for bullish prospects in the near future. As such, investors and traders should closely monitor XRP’s price action and be prepared for further downside potential in the coming days.
