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Analyst Predicts ‘Big Move’ as XRP Price Enters Key Breakout Zone
The cryptocurrency market is exhibiting a strong correction sentiment, fueled by the potential breakdown of Bitcoin’s weekly support at $92,000. This mounting selling pressure has led to a significant increase in the sell-off sentiment for Ripple (XRP), causing its price to plummet below the critical $2 support mark.
As of now, XRP trades at $2.09, boasting an intraday gain of 0.03%. According to Coingecko data, this asset’s market capitalization has reached $120 billion, with a staggering 24-hour trading volume of $6.9 billion.
The current price action in the XRP market is characterized by a triangle pattern consolidation, which is driving uncertainty among investors. However, the emergence of a neutral Doji candle at $2.08 support signals a potential resurgence of bullish momentum at this triangle support.
Notably, the Fibonacci retracement tool suggests that $2 and $1.7 represent key pullback supports, anchored by 38.2% and 50% FIB levels, respectively.
Source: www.cryptonewsz.com
