XRP Sinks Over 16%, Will the Slide Continue Below $1?

• After a 16% decline, XRP is hovering around $1.79
• The 24-hour trading volume has jumped by 242%.

Sustained bearish pressure has pulled the entire crypto market cap down to $2.48 trillion, down by a 6.92% fall. The dramatic drop has sparked losses in assets, with Ripple’s XRP taking the worst hit, plummeting by a steep 16.06%

XRP continued to fail to reach the ATH after multiple recovery attempts. The asset’s key support and resistance levels have a pivotal role in the price trajectory

*XRP price chart (Source: CoinGecko)*In the early hours, the asset traded at a peak of $2.13, and the bears took control. At the time of writing, XRP traded at $1.79, with its daily trading volume reaching $7.28 billion. Notably, the XRP market has witnessed a $40.61 million liquidation during this period

Over the last seven days, XRP lost around 16%. The asset began the week trading at $2.10 and hit a weekly high of $2.18. Gradually, the bearish pressure took the price to the current trading level

Is a Deeper Drop Ahead for XRP?

XRP’s potent downside correction has the potential to pull the price back below $1.50. An extended loss might trigger the asset to fall sharply to the $1 mark. This bearish pressure blocks the recovery attempts and lead the asset to a sturdy bearish zone.

In contrast, assuming the XRP price holds firmly at $1.78, with improving sentiment, the asset might step on to the verge of an early recovery. It aims to surpass the $1.86 range and breaking above this resistance could set the stage for an upward move.

*XRP chart (Source: TradingView)*XRP’s Moving Average Convergence Divergence (MACD) line and signal line are resting below the zero line. This indicates a strong bearish crossover. Also, the asset may continue to be under downward pressure

Additionally, the Chaikin Money Flow (CMF) indicator at -0.17 suggests the money is flowing out of the asset with more of a negative sentiment. Concurrently, XRP’s daily trading volume has increased by over 242%.

The altcoin’s Bull Bear Power (BBP) value at -0.3788 signals that the bears are dominant in the market. Besides, the daily relative strength index (RSI) of XRP, found at 22.41, hints that the asset is deeply oversold.

Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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