The price of XRP has sharply fallen below $3, indicating a continuation of the bearish trend in the cryptocurrency market.
XRP Price Decrease
XRP has seen a 10% decline over the past week and is now trading around $2.88. Current resistance levels are at the 50-day SMA ($3.06) and the 200-day SMA ($3.15), constraining any upside potential. The support at $2.80 may provide some selling pressure, and a break below this level could lead to tests around $2.50.
Crypto Market Capitalization Decline
The total cryptocurrency market capitalization has also significantly dropped to $3.79 trillion, a decrease of $350 billion. The decline began with a rejection at the $4.14 trillion resistance level, and support now lies around $3.72 trillion.
XRP Future Predictions
With the current bearish sentiment, it's vital to watch the $2.80 support as a break below could accelerate the downward move towards $2.50. For market recovery, reclaiming a total market capitalization above $3.9 trillion is essential.
The current situation in the cryptocurrency market and the drop in XRP's price highlight the importance of support at key levels for future stability and possible recovery.
