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CRITICAL PERIOD IN XRP: INCREASING RISK OF DECLINE
XRP is going through a challenging period due to the lack of interest from institutional investors and signs of fatigue in the market rally. Claims that the Chicago Mercantile Exchange will launch XRP and Solana futures contracts have emerged as a result of an error on the exchange's website and have been denied by CME.
This development shows that institutional investors are cautious about cryptocurrencies other than Bitcoin and Ethereum. Additionally, the price of XRP has dropped by about 2% in the last 24 hours, reaching $3.14.
Technical analysis also gives bearish signals. The Mayer Multiple indicator indicates a weakening of bullish momentum by staying below the December peak. Additionally, the MACD histogram supports the bearish trend by showing lower peaks above the zero line.
On the other hand, BlackRock CEO Larry Fink predicts that Bitcoin could rise to $700,000 if institutional investments increase. This indicates that altcoins like XRP are struggling to attract institutional investors' interest.
As a result, the current market conditions and technical indicators of XRP indicate an increased risk of decline in the short term. It is important for investors to be cautious and monitor the market closely.
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- The information in this article is never investment advice and is for accurate and up-to-date information purposes. STAY AWAY FROM SPECULATION, FOLLOW FOR SCIENTIFIC ARTICLES ❗️ Be sure to do your own research.