Is the XRP price heading for a decline? Is it in a weak position against Bitcoin?

The price movements of XRP seem to have entered a significant downward trend as Bitcoin (BTC) continues to reach new highs. Recently, Bitcoin made a new peak above $126,000, while XRP formed a lower peak at $3.10 despite this rise. This situation is raising concerns among crypto investors.

According to CoinDesk analyst Omkar Godbole, the continuous formation of lower peaks by XRP indicates a weakening of buyer strength. In the fluctuating markets since July, XRP's price performance has remained weak despite Bitcoin's rise. Analysts are suggesting that this downward trend could lead to much sharper declines for XRP in the event of a pullback.

Especially, the horizontal support zone between $2.65-$2.70 is becoming increasingly fragile based on XRP's current situation. It is noted that if it falls below this level, the price could decline to $2. Additionally, the weekly MACD histogram also supports this bearish scenario. This indicator has dropped below the zero line, and the deepening of the red bars indicates that the momentum in XRP is weakening, thus increasing the downward pressure.

Analyst Godbole emphasizes that for XRP to escape this negative scenario, it needs to close above the $3.10 level with strong volume. Otherwise, there is a significant risk of decline ahead for XRP, and investors need to monitor these levels closely.