The cryptocurrency market is experiencing a downturn, with XRP suffering a notable decline. In a span of 24 hours, XRP's price has fallen over 10%, dropping below the critical $2 threshold. This decline is symptomatic of a larger trend, with the total crypto market capitalization falling to $3.04 trillion, a decrease of nearly 5%. Major cryptocurrencies are following suit; Bitcoin has dipped to approximately $99,000, down 4%, while Ethereum has dropped over 10% to $2,179. Popular altcoins, including Solana, BNB, Dogecoin, and Cardano, are also seeing losses ranging from 4% to 9%. Market sentiment is bleak, reflected in the Fear and Greed Index, which has settled at 40.
XRP's recent price action shows it has broken a key support level at around $2.07. Analysts had forewarned that failing to maintain this support could lead to a further drop, and that is precisely what has occurred. Current focus shifts to the next significant support zone between $1.92 and $1.95. Should XRP drop below $1.91, the next potential target for the price could be $1.80 to $1.79, levels that previous trading patterns and Fibonacci retracement suggest could provide some support.
Currently, the charts lack strong recovery indicators. Analysts were looking for signs of bullish divergence for a potential rebound, but none have confirmed yet, maintaining a bearish outlook on XRP. The pressure could continue as long as Bitcoin and the broader market remain unimproved. The volatility is amplified by rising Bitcoin dominance and ongoing global tensions that affect risk assets like cryptocurrencies. Furthermore, with the US Federal Reserve's recent interest rate decisions emphasizing instability, the economic landscape appears increasingly complex.
XRP's recent price action shows it has broken a key support level at around $2.07. Analysts had forewarned that failing to maintain this support could lead to a further drop, and that is precisely what has occurred. Current focus shifts to the next significant support zone between $1.92 and $1.95. Should XRP drop below $1.91, the next potential target for the price could be $1.80 to $1.79, levels that previous trading patterns and Fibonacci retracement suggest could provide some support.
Currently, the charts lack strong recovery indicators. Analysts were looking for signs of bullish divergence for a potential rebound, but none have confirmed yet, maintaining a bearish outlook on XRP. The pressure could continue as long as Bitcoin and the broader market remain unimproved. The volatility is amplified by rising Bitcoin dominance and ongoing global tensions that affect risk assets like cryptocurrencies. Furthermore, with the US Federal Reserve's recent interest rate decisions emphasizing instability, the economic landscape appears increasingly complex.
