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.
Reportedly, 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.
