- Ripple’s XRP coin has dropped by over 44% from its highest point in 2023.
- EOS token has also crashed as the Total Value Locked (TVL) has retreated.
- The demand for the two tokens is still weak.
EOS and Ripple (XRP) prices have pulled back in the past few days as the crypto industry goes through a major shake up following the spot Bitcoin ETF approval. EOS token retreated to below $0.70 from this month’s high of $0.9108. It remains 50% below its highest point in 2023, signaling a lack of investor interest.
Ripple’s XRP price has also nosedived in the past few days and moved to its lowest level since October last year. It has dropped to $0.5160, which is 44% below its July high. July was an important month for Ripple because it won a long-running case with the Securities and Exchange Commission (SEC).
XRP price forecast
Ripple’s XRP performance explains the concept of buying the rumor and selling the news. The coin surged hard after the SEC vs Ripple and then pulled back. It has never bounced back since then. XRP has now moved below the 50-day and 100-day Exponential Moving Averages (EMA) and the two are now forming a bearish crossover.
At the same time, the Relative Strength Index (RSI) has pulled back from the November high of $87.42 to below 30. This is a sign that bears are still going strong. Most importantly, XRP price has formed what looks like a head and shoulders pattern. In most cases, this pattern usually leads to more downside.
Another notable thing is that XRP has lost its correlation with Bitcoin. For example, it remains in a bearish trend even as Bitcoin surged to $49,000 this month. Therefore, the outlook for XRP price is moderately bearish, with the next point to watch being at $0.4530. This is a notable price since it is along the ascending trendline that connects the lowest swings since November 2022.
Read more: How to buy Ripple.
EOS price prediction
EOS, like XRP, has also come under pressure in the past few days. This trend happened after the coin rose to over $0.9166 in December. The coin remains 50% below its highest point in 2023 as concerns about its ecosystem growth and usage has waned. For example, EOS has only $79 million in total value locked (TVL), meaning it has been passed by the likes of Arbitrum and Optimism.
It has now retreated below the 50-day and 100-day Exponential Moving Averages (EMA). Oscillators like the RSI, MACD, and the Stochastic have also pointed downwards, signaling that bears are in total control.
Therefore, the outlook for EOS is bearish, with the next point to watch being the psychological point at $0.5110, the lowest point in 2023. This price is about 26% below the current level.
