XRP has experienced a significant decline, reaching a crucial support level and entering a bear market. The sell-off is occurring alongside a general weakness in the crypto market, with Bitcoin remaining below $100,000. XRP faces the potential for further losses in the near term, as it has fallen below key moving averages and formed a bearish head and shoulders pattern. A strong breakdown could lead to additional declines, with the next support levels at $1.79 and $1.6130. However, a rebound above $2.735 could invalidate the bearish outlook. XRP has also entered the distribution phase of the Wyckoff Theory, which could result in increased supply, reduced demand, and panic selling. Despite these challenges, there are some positive catalysts that may help XRP rebound, such as the potential resolution of legal issues and the possible approval of an XRP ETF by the SEC.



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