The price of the XRP may face a significant decrease after a decrease in the daily graph. According to experts, this technical formation shows that the rise momentum in the market is weakened and the sellers are becoming dominant. According to the current data, XRP is traded at the level of $ 2.12 as of May 31, and the transaction volume increased by 14 percent in the last 24 hours. However, the price declined by 3.6 percent.
XRP Coin drop
The OBO formation, which becomes evident in price graphics, is generally perceived as a decrease in the markets. The completion of this formation of XRP increases downward concerns among investors. According to the analyzes, the target price of the formation stands out as a level of approximately $ 2 depending on the height of the head. This suggests that more sellers can come into play in the market.
The current level of support is tried to be protected on a diagonal line. If the XRP price breaks this support line in the lower direction, the pressure of the sellers may increase and the price is likely to reach the targeted level. Whether the support level is preserved is monitored as an important development in the coming days.
Looking at the data, there is a significant increase in the transaction volume of XRP in the last 24 hours. This rise in the transaction volume leads to an increase in market volatility, especially when entering the weekend. Although experts interpret the increase in volume as an increase in investor interest, this increase can be due to sales pressure with the price decrease.
XRP Coin price target
Market observers are waiting for a serious price correction in the XRP after the completion of the shoulder head shoulder (OBO) formation. Most of the experts, if the formation of the technical goal is reached, the price is not short -term, but may experience a significant decrease, he says.
According to analysts, short -term price decreases may be seen if XRP cannot maintain its current support level; However, with the introduction of strong buyers, there is an opportunity to recover in the market.
Investors are advised to be cautious against price fluctuations and follow rapidly changing market conditions. 1.98 and $ 1.75 levels of the decrease in the level of possible targets.
The recent technical formations and volatility increase in the XRP price are followed with great care in the market. In particular, the downward movements that can be seen in the short term, combined with high volume, the price can quickly decrease to 2 dollars. However, the preservation of the current support level and the increase of buyers can move upwards again. Observers and experts advise investors to be cautious and prepare for sudden developments.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
