XRP News Today: XRP Drops 7% Amid Selling Pressure, Key Support Levels Breached

XRP, the cryptocurrency associated with Ripple, has been experiencing a tumultuous week, with its price dropping over 7% and slipping below key support levels. Technical indicators suggest that XRP is under selling pressure, with the price hovering around $2.15 after falling below the crucial support at $2.23 on Friday. If the price fails to rebound above $2.23, it could potentially drop further to $1.96.

The Relative Strength Index (RSI) for XRP is currently at 40.82, indicating that the cryptocurrency is close to oversold levels. However, there are no immediate signs of a reversal. Most moving averages are signaling a sell, except for the 200-day Exponential Moving Average (EMA), which still supports the long-term trend. The Moving Average Convergence Divergence (MACD) also remains bearish. Despite these bearish signals, there is a possibility that XRP could retest the 50-day EMA near $2.27 if it manages to bounce back.

XRP's recent price movements have shown market indecision, as indicated by a "doji" candlestick pattern. This suggests that the recent rally might be losing momentum. However, bullish bets remain high on Deribit, with many traders holding call options between $2.60 and $3+, indicating confidence in a potential price rise. The most popular call option is at $4, reflecting significant upside expectations.

Despite the short-term weakness, there are bullish signals for XRP. Analyst Dark Defender recently shared that XRP is building a new weekly wave pattern, which could lead to a surge toward $18.22–$23.20 in the near future. The $5.85 level is identified as a key mid-target, following a similar pattern observed in November 2024. This prediction is based on technical analysis and suggests that investors might be looking at a promising opportunity.

Some analysts predict that XRP could jump to $25–$75 by mid-2025, driven by new projects, legal updates, and the potential creation of supply shortages through ETFs. Others expect a more conservative rise to $8–$10 by the end of the year, citing XRP's growing institutional appeal. These predictions highlight the potential for significant gains, but investors should remain cautious given the unpredictable nature of the cryptocurrency market.

The ongoing developments and upgrades within the Ripple ecosystem are contributing to XRP's resilience and potential for growth. Ripple's focus on expanding its DeFi capabilities and integrating with other blockchain networks could further drive demand for XRP. This expansion is expected to attract more investors and users to the Ripple ecosystem, potentially leading to a sustained increase in the value of XRP.

In conclusion, while XRP is facing short-term challenges, the formation of a new wave pattern and ongoing developments in the Ripple ecosystem suggest that it could be a sleeper hit in the cryptocurrency market. Investors should stay informed about the latest developments and exercise caution before making any investment decisions. The potential for significant gains makes XRP an attractive investment opportunity for those looking to capitalize on the growing cryptocurrency market.