XRP’s price was unable to sustain momentum above $1.950 and has since pulled back. It is now struggling below $1.90 and is trading under $1.880 and the 100-hour Simple Moving Average. A bearish trend line is forming with resistance at $1.9350 on the hourly chart. If the price settles below $1.850, it could continue to drop.
XRP attempted to recover above $1.920 but failed to push higher, similar to Bitcoin and Ethereum. It then began a fresh decline below $1.90 and $1.880, falling past the $1.8650 support to form a low near $1.8473. The price is now showing bearish signs below the 23.6% Fibonacci retracement level of the recent drop from $1.9865 to $1.8437.
For any upward move, initial resistance is near $1.880. The first major resistance is around $1.9150, which is the 50% Fibonacci retracement level. A close above $1.9150 could push the price toward $1.9350 and the trend line. Further hurdles are at $1.950 and then $2.00. Additional gains might target $2.020, with the next major resistance near $2.080.
If XRP fails to break the $1.9150 resistance, it could start another decline. Initial support is near $1.850, followed by a major support level at $1.8320. A break and close below $1.8320 could lead to further losses toward $1.80. The next key support is near $1.7650, below which the price could fall toward $1.720.
Technical Indicators:
– Hourly MACD: Gaining momentum in the bearish zone.
– Hourly RSI: Below the 50 level.
– Major Support Levels: $1.850 and $1.8320.
– Major Resistance Levels: $1.9150 and $1.9350.
Frequently Asked Questions
FAQs XRP Price PlummetsAre Bulls Losing Their Grip
Beginner Questions
1 What does it mean when people say XRP price plummets
It means the price of XRP has dropped significantly and rapidly in a short period of time
2 Who are the bulls in this context
Bulls are investors who believe the price of XRP will rise and are generally buying or holding to push the price upward
3 Why is the price of XRP dropping so much
Prices can drop for many reasons including negative news broader market downturns profittaking by investors regulatory concerns or a loss of positive sentiment
4 Is this a normal thing for cryptocurrencies
Yes high volatilitymeaning large price swings up and downis very common in the cryptocurrency market
5 Should I sell my XRP if the price is plummeting
This is a personal financial decision Its important not to panicsell Consider your original investment goals risk tolerance and do your own research before making any move
Intermediate Questions
6 What specific factors might be causing this XRP selloff
Potential causes include developments in Ripples ongoing legal case with the SEC a general riskoff mood in crypto markets large holders selling or negative sentiment spreading on social media
7 Whats the difference between a normal dip and a major trend reversal
A dip is a shortterm drop within a longerterm upward trend A reversal is a sustained change in market direction from up to down It often takes time to confirm which is happening
8 How can I tell if the bulls are really losing their grip
Look for signs like the price consistently failing to reach previous highs high trading volume on down days a breakdown below key support levels that bulls were defending and a shift in overall market narrative to negative
9 Where are the important support levels for XRP right now
Support levels change frequently You can find them by looking at historical price charts where the price has bounced back up multiple times Financial news and analysis sites often highlight these key levels
10 Could this be a buying opportunity
Some investors see large drops as a chance to buy an asset at a lower price buying the