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Cryptopolitan 2025-03-10 13:50:25

XRP price risks a 50% dip – looks to South Koreans hodlers to avoid crash

XRP price risks a 50% dip – looks to South Koreans hodlers to avoid crash

XRP bear market signals have become more conspicuous against the backdrop of February’s high selling pressures. Technical indicators now point to a potential 50% price decline, also fueled by the broader crypto market’s downward trend and recent US policy decisions. South Korean traders, however, are offering some lifeline for bulls, with Ripple gaining over 1.5% against the local currency over the last 24 hours. According to analysts on TradingView, there’s a head-and-shoulders pattern on XRP’s 3-day chart, a formation that often precedes a downward move. The pattern consists of three peaks: a higher high (head) flanked by two lower highs (shoulders). Once the price breaks below the neckline, it typically triggers a decline equal to the pattern’s height. 50% dip on the horizon; Will XRP survive? XRP/USD already broke through its neckline support by almost $2.20 on Monday, which makes it more likely that it will lose even more. Technical indicators predict the trend will continue, and XRP could fall to about $1.15, which is 50% less than where it is now. Analysts believe Ripple is testing a micro-support level at $2.17. A failure to hold above this point could lead to a further drop to $1.94. If XRP remains above this level, there is potential for an upward movement toward $3.18, $3.58, and $3.85. Still, if it breaks below $1.94, the immediate support lies at $1.81, followed by a zone between $1.80 and $1.40. On the daily chart, XRP is struggling to hold above the $2.20 level after failing to sustain gains beyond $3. Resistance remains firm between $2.50 and $2.60, with stronger selling pressure emerging near $3. An intraday 122% spike in trading volume shows there’s heightened selling activity, pitting stronger bears against holders that look more likely to let go of their holdings in the coming weeks. Any green price reversal would require significant buying interest at current levels, with sustained accumulation needed to push XRP above $2.50 and to start a breakout. Trump’s policies exacerbate bearish pressures, traders look to South Korea The Ripple market sentiment took a big hit when President Donald Trump signed an executive order that explicitly states the US government will not allocate taxpayer funds to purchase additional altcoins. Trump ordered the government to only maintain its existing crypto holdings, which reportedly include Bitcoin (BTC) and Ethereum (ETH), but not Ripple. The US dollar index is still close to its lowest level in four months, which makes things even less stable overall. This means that risk assets, like cryptocurrencies like XRP, could be very volatile. XRP is struggling against the US dollar, which is why holders will be looking at its performance in South Korean markets. The token is up 1.8% against the South Korean won, currently changing hands at 3,264 KRW per coin on Upbit . XRP/KRW trading chart. Source: Upbit Per data from CryptoQuant, the total XRP exchange reserves on Upbit, South Korea’s largest crypto exchange, went down by 8% over the weekend, while exchange outflows reached a seven-day high $7.8 million today, signaling a decline in selling pressures in the Asian country. The uptick comes when the South Korean won is depreciating in value against the dollar, largely attributed to ongoing global trade tensions. A report last week revealed that South Korea is preparing countermeasures against the US’s proposed tariffs on auto imports, set to take effect in April. Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More

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