XRP News: Ripple Drops 10% – Here’s Why XRP Price Is Down Today

The cryptocurrency market has witnessed over $613 million in liquidations within 24 hours, and the XRP price has taken a heavy hit. Ripple’s native token has dropped more than 6% in a day, falling below $3 and creating a strong bearish sentiment.

With Bitcoin struggling to stay above the $100k mark, XRP is now under pressure to maintain its $2.75 support level this week.

Ripple Price Records a Strong Bearish Reversal

The XRP price plummeted 6.23% in the past 24 hours, with a sharp surge in trading volume of $6.28 billion. This spike in volume represents a 102.63% increase, driven primarily by heightened selling pressure.

Over the past week, XRP has dropped 10%, reinforcing its bearish trend and signaling a tough week ahead for traders. Since December 2024, XRP has been trading within a triangle pattern that previously hinted at stability.

However, the recent price drop below $3 broke a key support level, increasing concerns about its future trajectory. Despite this, the support trendline within the triangle still holds, raising hopes for a potential bullish reversal.

XRP Price Technical Sentiments

Technical indicators show a clear bearish sentiment surrounding XRP. The Moving Average Convergence Divergence (MACD) chart reflects a steady increase in red histograms, confirming that selling pressure is outpacing buying interest.

Additionally, the MACD averages continue to show a bearish convergence, amplifying investors’ concerns. The Simple Moving Average (SMA) indicator has consistently acted as resistance, preventing XRP from gaining upward momentum.

Furthermore, a sharp downward curve in the daily chart indicates the token is likely to remain bearish this week. With these signals, traders remain cautious, keeping a close watch on key support levels.

Will XRP Price Ever Recover?

For XRP to recover, buyers must regain control and push the price back to $3. If momentum intensifies, a strong bullish move could even help XRP test the $3.50 resistance level. However, this remains uncertain given the prevailing market conditions and bearish sentiment.

On the flip side, if selling pressure continues, XRP risks breaking its $2.75 support level and plunging further. If bears dominate the crypto space, the next support level at $2.50 could be tested. With the broader market also facing challenges, XRP’s short-term future hangs in the balance.

FAQs