In the last 24 hours, the cryptocurrency market faced a liquidation of over $613 million, with Bitcoin striving to maintain its value above $100k. XRP also experienced a significant drop, falling below $3.
Sharp Decline in XRP Price
XRP price has lost 6.23% of its value, with trading volume reaching $6.28 billion, a +102.63% increase over previous values. Over the course of the week, the price dropped over 9%, indicating increased selling pressure.
XRP Technical Analysis
The MACD indicator shows a constant rise in the red histogram, indicating a bearish trend. The SMA also acts as a resistance in the price chart, suggesting potential further decline.
Future of XRP Price
If bulls return, the price of XRP may attempt a recovery to $3. However, if bears dominate, the price could fall to support levels of $2.75 or even $2.50.
The market situation remains tense. XRP price recovery is uncertain, with bearish sentiment prevailing amidst high selling pressure. Investors continue to closely monitor market dynamics.
