XRP Sinks Over 16%, Will the Slide Continue Below $1?
- After a 16% decline, XRP is hovering around $1.79.
- The 24-hour trading volume has jumped by 242%.
Sustained bearish pressure has pulled the entire crypto market cap down to $2.48 trillion, down by a 6.92% fall. The dramatic drop has sparked losses in assets, with Ripple’s XRP taking the worst hit, plummeting by a steep 16.06%.
XRP continued to fail to reach the ATH after multiple recovery attempts. The asset’s key support and resistance levels have a pivotal role in the price trajectory.
In the early hours, the asset traded at a peak of $2.13, and the bears took control. At the time of writing, XRP traded at $1.79, with its daily trading volume reaching $7.28 billion. Notably, the XRP market has witnessed a $40.61 million liquidation during this period.
Over the last seven days, XRP lost around 16%. The asset began the week trading at $2.10 and hit a weekly high of $2.18. Gradually, the bearish pressure took the price to the current trading level.
Is a Deeper Drop Ahead for XRP?
XRP’s potent downside correction has the potential to pull the price back below $1.50. An extended loss might trigger the asset to fall sharply to the $1 mark. This bearish pressure blocks the recovery attempts and lead the asset to a sturdy bearish zone.
In contrast, assuming the XRP price holds firmly at $1.78, with improving sentiment, the asset might step on to the verge of an early recovery. It aims to surpass the $1.86 range and breaking above this resistance could set the stage for an upward move.
XRP’s Moving Average Convergence Divergence (MACD) line and signal line are resting below the zero line. This indicates a strong bearish crossover. Also, the asset may continue to be under downward pressure.
Additionally, the Chaikin Money Flow (CMF) indicator at -0.17 suggests the money is flowing out of the asset with more of a negative sentiment. Concurrently, XRP’s daily trading volume has increased by over 242%.
The altcoin’s Bull Bear Power (BBP) value at -0.3788 signals that the bears are dominant in the market. Besides, the daily relative strength index (RSI) of XRP, found at 22.41, hints that the asset is deeply oversold.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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XRP Sinks Over 16%, Will the Slide Continue Below $1?
- After a 16% decline, XRP is hovering around $1.79.
- The 24-hour trading volume has jumped by 242%.
Sustained bearish pressure has pulled the entire crypto market cap down to $2.48 trillion, down by a 6.92% fall. The dramatic drop has sparked losses in assets, with Ripple’s XRP taking the worst hit, plummeting by a steep 16.06%.
XRP continued to fail to reach the ATH after multiple recovery attempts. The asset’s key support and resistance levels have a pivotal role in the price trajectory.
In the early hours, the asset traded at a peak of $2.13, and the bears took control. At the time of writing, XRP traded at $1.79, with its daily trading volume reaching $7.28 billion. Notably, the XRP market has witnessed a $40.61 million liquidation during this period.
Over the last seven days, XRP lost around 16%. The asset began the week trading at $2.10 and hit a weekly high of $2.18. Gradually, the bearish pressure took the price to the current trading level.
Is a Deeper Drop Ahead for XRP?
XRP’s potent downside correction has the potential to pull the price back below $1.50. An extended loss might trigger the asset to fall sharply to the $1 mark. This bearish pressure blocks the recovery attempts and lead the asset to a sturdy bearish zone.
In contrast, assuming the XRP price holds firmly at $1.78, with improving sentiment, the asset might step on to the verge of an early recovery. It aims to surpass the $1.86 range and breaking above this resistance could set the stage for an upward move.
XRP’s Moving Average Convergence Divergence (MACD) line and signal line are resting below the zero line. This indicates a strong bearish crossover. Also, the asset may continue to be under downward pressure.
Additionally, the Chaikin Money Flow (CMF) indicator at -0.17 suggests the money is flowing out of the asset with more of a negative sentiment. Concurrently, XRP’s daily trading volume has increased by over 242%.
The altcoin’s Bull Bear Power (BBP) value at -0.3788 signals that the bears are dominant in the market. Besides, the daily relative strength index (RSI) of XRP, found at 22.41, hints that the asset is deeply oversold.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Highlighted Crypto News
Read More