As the cryptocurrency market experiences ongoing turmoil, with the overall market dropping 5.76% from $2.61 Trillion to $2.47 Trillion, the price of Bitcoin has fallen below $78,000, and Ethereum’s dominance has dropped to a multi-month low. Amid this market downturn, XRP has also taken a hit, breaking through its crucial support trendline and crashing to a new yearly low.
XRP Price Breakdown
The price of XRP recently plunged 25% in a single day, breaking through its major support zone at $2. During early Asian trading hours, the XRP price tested a low of $1.64, with a significant +625.19% change in trading volume. Despite this price drop, XRP still maintains a market cap of $108.52 billion. However, its Year-To-Date (YTD) return is currently down -10.48%.
Technical Indicators
The Simple Moving Average (SMA) continues to act as a resistance level on the XRP price chart in the 1-day timeframe, highlighting a strong bearish sentiment for the altcoin.
The Moving Average Convergence Divergence (MACD) indicator also reflects a continuous downtrend, with its red histogram suggesting ongoing negative momentum for XRP.
Possible Price Scenarios
Bullish Reversal: If a bullish trend reversal occurs, XRP could potentially retest its immediate resistance at $2. If it maintains above this level, it could rise toward the $2.25 mark. In a more optimistic scenario, if the bulls outpace the bears, and the broader market experiences a buyback, XRP might even reach the $3 level.
Bearish Continuation: On the flip side, if bearish sentiment continues to dominate, XRP could drop toward its next support levels at $1.75 and possibly even $1.50 if market conditions worsen.
Conclusion
For this week, XRP could either see a bounce back toward the $2.25 – $3 range if bullish momentum picks up, or it may continue to struggle if the bearish trend persists, potentially heading towards $1.50. Investors should keep a close watch on market sentiment and the broader cryptocurrency market dynamics, as XRP’s performance will largely depend on these factors.
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