- XRP’s price dropped below $0.40, hitting $0.38—the lowest in over a year.
- The decline mirrors broader market trends affecting Bitcoin and Ethereum.
- While some signs of recovery exist, market volatility and upcoming court dates add uncertainty.
XRP’s price has plummeted below the $0.40 mark in the past few hours. This saw XRP reaching $0.38 — the lowest price in over a year. This intense dumping mirrored the broader market trend that affected Bitcoin and Ethereum as well. The technical charts reveal a challenging road ahead for XRP.
Read CRYPTONEWSLAND on
google news
Currently, XRP’s price hovers below the 100-hourly Simple Moving Average and the critical support zone around $0.4150. A bearish trend line has formed, further limiting potential upside moves. There was some resistance near the $0.4050 zone as bulls tried to push the price of XRP higher. They nearly successfully overpowered the buyers leading to a fresh downturn.
Bears pushed the price below the $0.4240 support and took control. Eventually, the price significantly dipped and found support at $0.3826. Meanwhile, the overall market sentiment is bearish although there are minor signs of recovery above the $0.3920 resistance zone. $0.4220 and $0.4380 are now the next key resistance zones to watch.
A strong push above $0.4220 could push Ripple’s XRP to $0.4450. However, if XRP struggles to surpass the $0.4150 barrier, the downward trend might persist. The initial support is around $0.390, with a more critical level at $0.3850.
This situation is reminiscent of XRP’s previous dip below $0.40 in February 2021, during the SEC lawsuit against Ripple Labs. With market conditions still uncertain, investors are keeping a close eye on XRP’s performance as Ripple’s next court date approaches.
Mean, XRP holders are optimistic of a rebound. However, the road to recovery is filled with challenges, and the market’s volatility only adds to the uncertainty.
Read Also
disclaimer read moreCrypto News Land (cryptonewsland.com)
