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XRP Price Sees Significant Drop Amid Fears Surrounding DeepSeek
The XRP price has plummeted to its lowest point in 12 days, falling by over 21% from its highest level this month. The cryptocurrency’s market cap has dropped to $173 billion, with the price hitting $2.65.
XRP Price Forms a Doji Candlestick Pattern
Despite the recent decline, there are signs that the XRP price could bounce back. Closing above the $3 price level would indicate the formation of a long-legged doji candlestick, often signaling a strong reversal. A doji candlestick pattern is characterized by a long lower shadow and a small body, implying that the price opened and closed at approximately the same point.
This pattern often precedes a reversal, and in this case, it could be a bullish indicator for XRP. Additionally, the cryptocurrency has formed a break-and-retest pattern by moving to $2.6580, its highest swing since December last year. A break-and-retest is a popular continuation signal in trading.
Bullish Indicators and Catalysts for Ripple
The XRP price remains significantly below its target point. The chart shows that the coin formed a long flag pole between November and December, followed by a symmetrical triangle. A bullish pennant pattern like this typically signals further upside, often equal to the length of the flag pole. Measuring the same distance from the upper side of the pennant suggests that Ripple’s price could climb to $12.15.
Several bullish catalysts could help push Ripple to $12. These include:
- Ripple Labs has scored a money transmitter license in New York and Texas, enabling it to provide financial services in the states.
- XRP’s futures open interest has remained elevated in recent weeks, rising to over $6 billion—a significant increase from November lows of $650 million.
- There are rising odds that the Securities and Exchange Commission will approve a spot XRP ETF later this year, with odds rising to 73%.
- Ripple USD is doing well, with its daily volume jumping to almost $260 million.
These catalysts and indicators suggest that XRP could experience a significant price increase in the coming months.
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