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As the year draws to a close, XRP The pair is facing downward pressure, as its price has fallen by 5.18% in the past 24 hours. This decline has put the psychological $2 level under pressure.
The cryptocurrency market fell a bit on Monday as the final hours of 2024 began. Bitcoin fell nearly 2%, with many crypto assets reversing that decline and a few reporting larger losses. Profit taking by traders and macroeconomic uncertainty may have added to the downward pressure. According to CoinGlass data, $177 million worth of cryptocurrency positions were liquidated in the past 24 hours. Bullish bets made up the bulk of this amount, more than $132 million.
Amid the market sell-off, XRP managed to hold above the $2 level, but the battle to maintain this level is becoming increasingly difficult.
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At the time of writing, XRP is down 4.7% over the past 24 hours to $2.07, hitting intraday lows of $2.04 in Monday's trading session. The cryptocurrency fell 5.7% weekly.
What's next for XRP price?
The $2 mark has been a key psychological and technical level for XRP, marking a key area of support and resistance in the recent price action. However, the recent decline has brought this level into question, with selling pressures increasing amid broader market uncertainty. XRP's daily RSI fell below the midpoint, indicating an advantage for the bears.
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Amidst this, there are some possible scenarios: First, if the price of XRP drops below $2, it could trigger further selling and push the price down to the next support level at $1.90, which coincides with the daily 50 simple moving average and then 1.30. dollar. On the other hand, maintaining the $2 level could provide a basis for a potential recovery, especially if market conditions improve.
A breakout could take XRP to $2.91, while a breakout below crucial support levels could indicate that XRP may have reached a short-term top. With less than 48 hours until the end of 2024, investors will be watching closely where this happens Ripple price Following trends, especially its ability to maintain the $2 level.
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