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In this light, traders and investors are closely monitoring XRP as they try to gauge what could come next for one of the largest cryptocurrencies by market cap.XRP Shows Weakest Performance in Top 10, Unless This Happens, Biggest Bitcoin Breakout of 2024 Is in, Solana Explodes Above $165: Is $200 Next?
The crypto market is facing a sell-off as leverage use increased over the weekend, a move that historically precedes market volatility. Bitcoin briefly approached $70,000 over the weekend but failed to continue its pace, falling 2% to below $66,781 at press time.This decline was mirrored by other major cryptocurrencies, with $203.36 million in crypto positions liquidated, indicating that the market is heavily leveraged.
In this scenario, XRP might aim for a retake of the daily SMA 50 near $0.56, followed by $0.631. However, future market drops may increase XRP's losses.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.