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A notable analyst insists that XRP could be set for a definitive move after the asset lost major support on the daily timeframe.
XRP continued its patchy run yesterday, shedding 6% to close at $2.1537. However, the XRPL native token has rebounded slightly today, taking its weekly change to a positive 3.76%.
Amid the market uncertainties, a recent analysis suggests that a precise XRP movement is imminent. Market speculator Dom asserted that there will be a move coming soon.
Volatility is Subsiding
Dom argued that volatility on the XRP chart is subsiding, indicating that the market is becoming more intentional about a specific move. As a result, he asserted that there could be a move coming soon.
Meanwhile, he pointed to an indicator that could determine XRP’s next move. According to his commentary, XRP has lost a crucial moving average support, raising expectations that it will see lower prices.
The analyst noted that XRP remained above the 20-day exponential moving average (EMA) on both the USD and BTC charts throughout last week. However, yesterday’s close below the moving average could spell further downside.
In addition, Dom noted that if XRP maintains a position under $2.2, this would ensure that the asset remains in bearish territory. As a result, XRP could see further downtrends at any point.
Market Heavily Dependent on Bitcoin
Dom noted that the market’s movement is still heavily dependent on Bitcoin’s next move. The analyst’s post states that a Bitcoin trade below $95,000 would be bearish for altcoins.
Notably, the market speculator termed the levels under $95,000 as the center of value area, emphasizing its relevance in the tone of the crypto market. At the time of writing, Bitcoin trades at $96,400, trading above the alleged altcoin drop zone.
Meanwhile, XRP trades at $2.1993, up 2% in the past 24 hours.