XRP Drops 9%: Bearish Trend Looms as Bitcoin ETFs See Record Outflows

XRP Price Prediction For February 28

The global trade and tariff disputes, particularly with China, have been weighing on market sentiment, leading to a bearish trend in both traditional stock markets and cryptocurrency assets like Bitcoin. This week, Bitcoin ETFs witnessed significant outflows, with over $500 million leaving on Monday and a staggering $11 billion on Tuesday, the largest single-day outflow in history. Wednesday saw another record outflow of $754 million, affecting the BlackRock Bitcoin ETF in particular.

Bitcoin's price has dipped below $80,000, and most altcoins have followed suit. XRP, the third-largest cryptocurrency, has dropped by more than 9% and is nearing the critical $2 support level. Over the past 24 hours, XRP has confirmed a daily candle close below a crucial support zone between $2.25 and $2.30, which has previously shown multiple bounces. Analyst Josh of Crypto World notes that this break suggests the next significant support level lies between $1.95 and $2.

If XRP's price drops below the $2 level, specifically under $1.95 or $1.90, it could signal further major losses for the cryptocurrency. This could lead to much lower price levels in the near future. XRP is currently in a bearish trend, marked by breaking below support levels, rejecting resistance, and forming lower highs and lows. This bearish price action suggests further downward movement in the short term.

XRP's price action tends to mirror that of Bitcoin and the broader stock market. With Bitcoin and stocks showing weakness, many altcoins, including XRP, are experiencing downward pressure. As the global economic landscape continues to evolve, investors and traders will closely monitor the performance of XRP and other cryptocurrencies to make informed decisions about their portfolios.