XRP posted heavy losses at the start of Monday’s trading session, down by more than 5% amid an ongoing market correction. The token traded near the $3 support line, showing signs of buyer stress as short sellers became more active.
Traders are increasingly assessing XRP’s correction using technical indicators like Bollinger Bands. XRP is nearing the top band on both daily and weekly charts, raising the likelihood of a pullback. Technical indicators suggest significant price fluctuations are possible amid the correction.
If the current median supports the price, a 10% drop is feasible. However, if the downward trend continues, XRP could lose up to one-third of its value.
Legal uncertainty surrounding XRP remains a key factor. If the SEC’s appeal is terminated, the uncertainty impacting XRP’s price trends would be eliminated.
On the other hand, if the Programmatic Sales of XRP ruling is successfully appealed, US cryptocurrency exchanges may delist XRP to avoid SEC regulation, potentially causing further sell-offs.
Bitcoin also suffered losses, dipping below $100,000 in Monday’s trading session, a 4-5% decrease over 24 hours. Other cryptocurrencies like ADA, DOGE, ETH, SOL, and BNB also saw sharp declines, contributing to a “Red Sea” in the crypto market.
Trump’s memecoin launch has sparked mixed reactions. Some analysts view it as a sign of growth in the crypto sector under the next president, while others label it a political “grift,” predicting a sharp decline in the value of many other celebrity meme coins.
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