XRP Price Movement
XRP has fallen below the $2.0 mark, losing 7.5% of its value in the last 24 hours. The cryptocurrency could soon retest the $1.7 support level.
Market Overview
The cryptocurrency market is facing one of its worst months this year, with over $120 billion wiped out in just 24 hours. Major cryptocurrencies like Bitcoin, Ethereum, and XRP are all in the red, with significant declines in value.
Recent Performance of Major Cryptocurrencies
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) have continued their downward trend. Over the past week, Bitcoin has dropped more than 8%, Ether has fallen 9%, and XRP has lost 10% of its value. This decline has led Bitcoin to fall below $86,000 for the first time since May, and Ether briefly dipped below $2,800.
XRP’s Struggles
XRP, the native coin of the Ripple ecosystem, has seen a significant drop, falling below the key $2.0 psychological level. This signals a deepening correction as bearish momentum takes hold across the top three cryptocurrencies.
Key Support Levels
As the market continues to dip, traders are focusing on the key support levels. If these levels fail to hold, XRP and other major cryptocurrencies could experience even more significant sell-offs in the near future.
Failure to Overcome Resistance
XRP’s recent decline follows its inability to break past the $2.16 resistance level on Thursday. With the current drop, XRP’s total market capitalization has fallen below $120 billion for the first time in six months.
"The recent selloff saw Bitcoin’s price slip below $86k for the first time since May, while Ether temporarily dropped below $2,800."
Looking ahead, XRP faces continued downward pressure as the market navigates through a period of bearish sentiment.
Author's Summary
As XRP falls below the $2.0 mark, the cryptocurrency could soon retest the $1.7 support level, depending on the broader market's performance in the coming days.