Analyst Predicts XRP Price Crash to $2 as Open Interest Falls, Death Cross Nears
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Highlights
- XRP price is set for more downside as a death cross pattern nears.
- The futures open interest has continued falling after the recent liquidations.
- The volume in the spot market has been in a strong downtrend.
XRP price dropped for the third consecutive day as the crypto momentum faded. Ripple token plunged to a low of $2.3980, down by 35% from the year-to-date low. A popular analyst believes that the token may plunge below $2. This view is emphasized by the upcoming death cross and falling open interest.
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Frequently Asked Questions (FAQs)
1. What is the most likely XRP price forecast?
The XRP price will likely continue falling as it nears the formation of a death cross indicator on the daily chart.
2. Why is the Ripple open interest in a downtrend?
The XRP’s open interest is in a strong downtrend in the past few days as investors come to terms to the recent liquidations.
3. Is it safe to buy the XRP token dip?
There are chances that the XRP price dip will continue in the near term and then resume the uptrend later this year.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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