The Cryptocurrency market is being pressed once again as the XRP struggles to increase the level of resistance. Currently, trading at $ 1.82 reduces up to 50% each year, raising concerns among investors.
Ray Dalio, a billionaire investor, has increased economic uncertainty, and the weak signal flashes and announces a cold warning. He thinks the world economy is on the verge of a massive collapse.
Ray dalio warns of economic collapse
Ray Dalio, a famous hedge fund manager, has announced an amazing warning about imminent economic collapse. He was particularly over $ 36.7 trillion in US debt. In addition, if the budget deficit is widened, it can be an additional burden on the financial market.
The warning of Dalio is bad news for stocks and cryptocurrency investors such as XRP, and often follows the same market trend. Dow Jones and NASDAQ 100 sinking quickly, and his concerns are made when the US stock market is rapidly facing losses.
In a few days, investors lost more than $ 10 trillion and the encryption market recorded $ 1 trillion. If the economy continues to weaken, the XRP can ride a rough ride.
Positive signs for XRP
XRP is struggling now, but it still has a strong growth potential. Ripple Labs, a company of XRP, is trying to improve global payment and compete with the SWIFT system used by banks.
At the same time, the SEC is considering several applications for the XRP exchange transaction fund (ETF). If approved, these ETFs can cause large investors and increase the value of XRP.
Promising predictions predict that XRP can surpass Etherrium from the market cap in five years and the price can reach $ 12.50 by 2028.
XRP prices are dangerous
The XRP is currently trading for about $ 1.82, reflecting the 7%drop over the last 24 hours, with a market cap of $ 105.9 billion. In terms of technical analysis, XRP has often formed heads and shoulder patterns, a technical indicator related to potential prices.
The “head” of this pattern is identified as $ 3.43 and “shoulder” is about $ 3. The price is about $ 1.9195, falling below the neckline and consistent with a 50% fibonacci retression level.
This exercise suggests further reduction as the next support level is near $ 1.062.