The post Why XRP Price is Down Today? appeared first on Coinpedia Fintech News
The cryptocurrency market records a liquidation of over $613 million in 24 hours with Bitcoin price struggling to hold its value above the $100k mark. Further, the XRP price has dropped below $3 by dropping over 6% in 24 hours. Amid a sharp decline in the transactional activity of Ripple, its native token has taken a strong hit.
With the top cryptocurrencies experiencing a strong bearish outlook, will the XRP price hold its support of $2.75 this week? In this article, we have covered the possible short-term Ripple price analysis just for you!
Ripple Price Records A Strong Bearish Reversal!
The XRP price has lost 6.23% in its valuation with a trading volume of $6.28 billion, a change of +102.63%. Moreover, it has plunged over 9% in seven days. This highlights an increase in the selling pressure for the 03rd largest cryptocurrency in the market.
TradingView: XRP/USDTReportedly, the XRP coin price has continued to trade within the triangle pattern since December 2024. Moreover, with the recent price drop, the Ripple price broke its important support of $3. However, the support trendline of the triangle pattern acts as a support, indicating a potential bullish reversal.
XRP Technical Sentiments
The Moving Average Convergence Divergence (MACD) records a constant rise in the red histogram with its averages experiencing a bearish convergence. This suggests an increase in the selling-over-buying pressure for the altcoin in the market.
On the other hand, the SMA indicator constantly acts as a resistance to the XRP price chart. Moreover, with a strong negative curve in the daily time frame, the price of XRP indicates a bearish outlook this week.
Will XRP Price Ever Recover?
If the bulls regain momentum, the Ripple price could retest its resistance level of $3. Furthermore, if the bullish sentiment intensifies, this could push the price of this altcoin toward its upper high of $3.50 in the upcoming time.
Conversely, if the bears outrun the bulls, the Ripple price will break down its support trendline and drop toward its support level of $2.75. Moreover, if the bears dominate the crypto space, the price to plunge toward its lower support of $2.50.
Are you wondering about the long-term price prospects of the Ripple token? Read XRP Price Prediction!
FAQs
The price of Ripple will need a surge of 242.22% in its current valuation to achieve the $10 milestone.
Amid increased adoption, the Ripple token could reach a maximum trading price of $15.65 by 2030.
At the time of writing, the value of the Ripple token was $2.9202.
