XRP Price Analysis: Will Ripple’s Native Token Experience a Major Price Decline?
As the crypto market continues to face turbulence, XRP, the native token of Ripple Labs, is showing signs of a potential massive price decline despite its recent price recovery. Today, on March 7, 2025, the overall market has seen a significant downward rally, with some experts warning of a possible pullback before a looming price crash.
XRP Technical Analysis and Projected Levels
Expert technical analysis suggests that XRP is currently on a downward trajectory. The daily chart indicates that XRP is testing the crucial support level at $1.95, which it recently broke down from.
Furthermore, XRP has also breached the neckline of a bearish head and shoulders pattern and closed a daily candle below the 200 Exponential Moving Average (EMA) for the first time. This shift into a strongly bearish territory has raised concerns about a potential price crash in the near future, as the next support level is not in close proximity.
According to CoinPedia’s analysis, failure to reclaim the $1.95 level could lead to a 39% drop in XRP’s price, with the next support level at $1.20 looming ahead.
Current Price Momentum
At present, XRP is trading around $1.88, marking a 6.50% decline in the past 24 hours. The asset also reached a low of $1.64 amidst the price drop, sparking increased volatility and a 420% surge in trading volume.
$35.40 Million Worth of Bullish Bets
Despite the recent price recovery, trader sentiment seems to be shifting towards a bullish outlook, as evidenced by a significant increase in bullish bets. According to on-chain analytics firm Coinglass, traders have built $35.40 million worth of long positions at the $1.833 support level, while $11.80 million worth of short positions have been established at the $1.932 resistance level.
Overall, the on-chain data suggests that bullish momentum is building up as the price of XRP approaches its breakdown level, hinting at a potential retest of key support levels.