XRP extended its decline, dropping below $2.00. The price is now consolidating and could fall further if it remains under $2.00. It is currently trading below both that level and the 100-hour Simple Moving Average. On the hourly chart, the XRP/USD pair broke below a contracting triangle that had support at $2.050.
XRP failed to hold above $2.10 and began a fresh drop. It fell below $2.020 and $2.00, entering a short-term bearish zone, and even spiked under $1.880. A low was formed at $1.847 before the price started to consolidate. There was a recovery wave above $1.920, which tested the 50% Fibonacci retracement level of the decline from the $2.065 high to the $1.847 low, but selling pressure persisted.
If the price attempts to move higher, it could face resistance near $1.980 and the 61.8% Fibonacci retracement level. The first major resistance is at $2.00. A close above that level could push the price toward $2.065, with further hurdles at $2.10, $2.120, $2.150, and $2.20.
Conversely, if XRP fails to clear the $2.00 resistance, it could resume its decline. Initial support is near $1.9320, followed by $1.90. A break and close below $1.90 might lead to further losses toward $1.850. The next major support is near $1.820, below which the price could slide toward $1.80.
Technical Indicators:
– Hourly MACD: Losing momentum in the bearish zone.
– Hourly RSI: Below the 50 level.
– Major Support Levels: $1.920 and $1.90.
– Major Resistance Levels: $1.980 and $2.00.
Frequently Asked Questions
FAQs XRP Price Stability After Sharp Drop
Beginner Questions
What happened to XRPs price recently
XRP experienced a sudden sharp drop in its price but it has since steadied and is holding at a more stable level while investors watch the market closely
Why did XRPs price drop so suddenly
Sudden price drops can be caused by various factors including large selloffs negative news broader market downturns or reactions to regulatory announcements
What does it mean that the price has steadied
Steadied means the price has stopped falling rapidly and is now moving within a narrower more predictable range showing less volatility for the time being
Should I be worried about my XRP investment now
Market fluctuations are normal in cryptocurrency While a sharp drop is concerning the current stabilization is a sign the selloff pressure may have eased Always assess your own risk tolerance and investment goals
How can I track XRPs price movements
You can use popular cryptocurrency tracking websites and apps like CoinMarketCap CoinGecko or the trading charts on exchanges like Binance or Coinbase
Intermediate Questions
What typically causes a cryptocurrency to stabilize after a crash
Stabilization often occurs when selling pressure decreases buyers step in at a lower price or when theres a period of consolidation as the market digests the news that caused the drop
Are investors keeping an eye on market movements a good sign
High investor attention can be a doubleedged sword It indicates ongoing interest and potential for a rebound but it also means the asset is under a microscope and any new negative news could trigger another selloff
Could this price drop be related to Ripple or SEC news
Given XRPs history any new developments in the ongoing Ripple vs SEC lawsuit or new regulatory statements can significantly impact its price Its always a key factor to check
Whats the difference between a correction and a crash
A correction is a shorterterm smaller decline within a longer uptrend A crash is a steeper more severe drop that can indicate a major shift in sentiment The recent event sounds more like a crash