A prominent analyst insists that XRP may take decisive action after losing major support within the daily time frame.
XRP
Yesterday, the stock continued its volatile run, dropping 6% to close at $2.1537. However, the native token of XRPL saw a slight rebound today, with a weekly change of +3.76%.
Amidst market uncertainty, recent analysis suggests that a precise movement of XRP is imminent. Market speculator Dom asserts that action will be taken soon.
Decreasing volatility
Dom believes that volatility on the XRP chart is diminishing, indicating a heightened interest in a particular trend by the market. Therefore, he asserts that action may be taken soon.
Meanwhile, he points out an indicator that could determine XRP’s next move. According to his comments, XRP has lost a crucial moving average line support, increasing expectations of a price drop.
The analyst notes that last week, XRP remained above the 20-day Exponential Moving Average (EMA) on both the USD and BTC charts. However, yesterday’s closing price below the moving average line could imply further decline.
XRP 20-day moving average
Furthermore, Dom highlights that if XRP’s position remains below $2.2, it ensures that the asset remains in bearish territory. Therefore, XRP could further decline at any time.
Market heavily reliant on Bitcoin
Dom points out that the market’s trend still heavily depends on Bitcoin’s next move. The analyst’s post suggests that altcoins will be bearish if Bitcoin trading falls below $95,000.
It is worth noting that market speculators refer to levels below $95,000 as the value center region, emphasizing its relevance in the cryptocurrency market sentiment. At the time of writing, Bitcoin’s trading price is $96,400, above the so-called altcoin bearish zone.
Meanwhile, XRP is trading at $2.1993, up 2% in the past 24 hours.
