

The cryptocurrency market is once again under pressure as XRP struggles to stay above key resistance levels. Now trading at $1.82, it's down nearly 50% from its yearly high
The cryptocurrency market is once again under pressure as XRP struggles to stay above key resistance levels. Now trading at $1.82, it’s down nearly 50% from its yearly high, raising concerns among investors.
Key Takeaways:
* Billionaire investor Ray Dalio has issued a chilling warning—he believes the global economy is on the verge of a massive collapse, with several alarming factors indicating a pending financial crisis.
* Dalio’s concerns come amid record losses in U.S. stock markets, with the Dow Jones and Nasdaq 100 taking a steep hit.
* In just a few days, investors have lost over $10 trillion, while the crypto market has taken a $1.5 trillion hit.
As the economic outlook grows bleak, investors will be closely watching to see if the world’s largest cryptocurrency, Bitcoin, can break above the crucial resistance level of $70,000. A breach above this level could spark a strong rally in crypto prices.
However, if the economy continues to weaken, XRP could be in for a rough ride. Despite its recent struggles, XRP still has strong growth potential.
Positive Signs for XRP:
* Ripple Labs, the company behind XRP, is working to improve global payments and compete with the SWIFT system, which banks currently use for international transactions.
* At the same time, the SEC is reviewing several applications for XRP exchange-traded funds (ETFs). If approved, these ETFs could bring in big investors and drive up XRP’s value.
* In a promising prediction, Standard Chartered predicts XRP could surpass Ethereum in market capitalization within five years, with its price possibly reaching $12.50 by 2028.
XRP Price at Risk:
* XRP is currently trading around $1.82, reflecting a drop of 7% seen in the last 24 hours, with a market cap hitting $105.9 billion.
* Looking at the technical analysis, XRP has formed a head and shoulders pattern, a technical indicator often associated with potential price declines.
* The “head” of this pattern is identified at $3.43, with “shoulders” around $3. The price has dipped below the neckline at approximately $1.9195, aligning with the 50% Fibonacci retracement level.
This movement suggests a possible further decline, with the next support level projected near $1.062.
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