HomeNewsRipple (XRP) Price Plummets by Over 20% - Michael Saylor Sees Opportunity,...

Ripple (XRP) Price Plummets by Over 20% – Michael Saylor Sees Opportunity, Should Others Join?

- Advertisement -
  • Market Motion: XRP has witnessed a significant 20% price dip, aligning with a broader market trend observed in cryptocurrencies like Bitcoin and Ethereum.
  • Technical Barriers: There exists a crucial bearish trend line with resistance proximate to $0.585, suggesting further possible price actions.

Navigating XRP’s Bearish Waters

XRP, Ripple Labs’ flagship digital asset, recently encountered rough seas in the financial markets, plunging over 20% against the US Dollar. It now hovers around the $0.40 threshold, a stark contrast to its previous position. What catalyzed this drastic shift, and how does it align with the broader crypto milieu?

The Price Dynamics: Beyond the Surface

XRP, after grappling with the $0.65 resistance, commenced a pronounced descent, echoing the sentiment prevalent in the cryptocurrency majors like Bitcoin and Ethereum. From its earlier proximity to $0.550, the digital token plummeted, momentarily piercing through the $0.420 boundary, registering a low at approximately $0.3994.

- Advertisement -

However, not all appears bleak. Post this precipitous fall, XRP embarked on a recovery trajectory, surpassing the $0.45 resistance. This rebound sees the price transcending above the 23.6% Fibonacci retracement level — calculated from the highs of $0.6365 to the lows of $0.3994.

Currently, the crypto asset trades beneath the $0.55 mark and also under the 100-period simple moving average (over a span of 4 hours). An intriguing development in the XRP/USD pair’s 4-hour chart is the inception of a decisive bearish trend line, with its resistance looming around $0.585.

>> Buy XRP quickly and securely with PayPal, credit card or bank transfer at eToro with low fees and deposit protection. Get started with XRP now. Visit Website <<

- Advertisement -

Deducing from the present technical layout, several resistance zones delineate XRP’s potential recovery path:

  1. $0.520: This emerges near the midpoint of the Fibonacci retracement of its latest fall.
  2. $0.550: Another consequential resistance.
  3. $0.585: Potentially the most formidable barrier, amalgamating with the aforementioned bearish trend line.

Surmounting the $0.585 resistance might propel XRP towards the $0.62 landmark or even the 100 simple moving average (over 4 hours). Subsequent advancements could challenge the $0.650 resistance.

Contemplating Further XRP Dips

However, if Ripple’s token falters against the $0.550 resistance terrain, another downward spiral might be on the horizon. The digital asset would then grapple with supports at the $0.480 and $0.455 zones. A definitive breach below $0.455 could exacerbate XRP’s bearish trajectory, possibly driving it back to the $0.400 support domain.

Best Crypto Exchange for Everyone:

  • Invest in Ripple (XRP) and 70+ cryptocurrencies and 3,000 other assets.
  • 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
  • Copy top-performing traders in real time, automatically.
  • Regulated by financial authorities including FAC and FINRA.

2.8 Million Users

Get Started


- Advertisement -
ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
- Advertisment -spot_img