XRP Drops 7.97%: Critical Support Faces Ultimate Test

XRP is trading at approximately $2.04, marking a sharp 7.97% decline over the past 24 hours. With a daily high of $2.21 and a low of $1.97, bearish sentiment is dominating the market, forcing traders to reassess their positions. Market Conditions and Key Influences XRP’s current downturn stems from a confluence of macroeconomic factors, including recently imposed U.S. tariffs that have rattled the broader crypto market. This has resulted in increased volatility, with XRP testing key support levels amid cautious investor sentiment. Technical Analysis Across Time Frames Short-Term (Hourly Chart): Testing Immediate Support XRP is hovering around a crucial support zone at $1.98. If this level fails to hold, a further slide toward $1.95 or lower is likely. However, if buyers regain control, a rebound toward the $2.05–$2.10 resistance range could materialize, offering short-term recovery potential. Medium-Term (Daily Chart): Bearish Formation in Play A head-and-shoulders pattern has formed on the daily chart, with its neckline positioned at $2.00. A confirmed breakdown below this level could trigger a deeper correction, potentially dragging XRP down to $1.80 or even $1.50 in a worst-case scenario. Long-Term (Monthly Chart): Optimistic Projections Hold Firm Despite the near-term weakness, long-term forecasts remain bullish . If Ethereum rallies toward $9,000 and BNB reaches $1,000, XRP could experience a surge, potentially aiming for the $12 mark. However, sustained institutional adoption and overall market strength will be key drivers of such growth. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 What’s Next for XRP? The next 24–48 hours will be pivotal. Bulls must defend the $1.98 support level to prevent a deeper correction. If buying pressure emerges , a push above $2.05 could reinstate bullish momentum, setting the stage for another test of the $2.20 zone. Conversely, failure to maintain support could result in a decline toward $1.90–$1.95 before any meaningful recovery attempt. Caution and Opportunity XRP finds itself at a crucial juncture . Traders should closely monitor key levels and be prepared for heightened volatility. While the short-term outlook appears uncertain, long-term prospects remain promising. Investors should weigh broader market conditions before making any strategic trading decisions. Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on X , Facebook , Telegram , and Google News The post XRP Drops 7.97%: Critical Support Faces Ultimate Test appeared first on Times Tabloid .