XRP Plunges 5%, Risks Further Decline Towards $1.70
XRP experienced a significant decline of 5%, dropping from $1.91 to $1.80 as broader cryptocurrency markets weakened. This movement stemmed largely from a pullback in Bitcoin, which triggered a sell-off across high-beta tokens. The lack of strong token-specific news suggested that market sentiment played a crucial role in this downturn.
XRP’s Recent Market Performance
Last week saw a brief rally for XRP, but it was contingent on thin trading volumes, leaving it exposed when market dynamics shifted. The cryptocurrency broke through the crucial support level of $1.87, resulting in accelerated selling pressure. This breakdown erased previous session gains and pushed prices towards $1.80, where some buying interest emerged.
Key Technical Levels and Trading Insights
- Previous Price: $1.91
- Current Level: $1.80
- Resistance Level: $1.87
- Immediate Buy Zone: $1.78–$1.80
- Potential Downside Target: $1.73
Despite a small rebound above $1.80, XRP has struggled to maintain momentum. Buyers managed to defend the $1.78 to $1.80 range late in the session. However, without a significant recovery above $1.87 or $1.90, the potential for further declines remains acute.
Market Sentiment and Future Outlook
Traders are keenly focused on the $1.80 level as it represents a critical threshold. If this level holds, XRP may stabilize and attempt a recovery, but a reclaim of the $1.87 to $1.90 range is essential to signal that the current sell-off is merely corrective. On the other hand, if $1.80 fails to support the price, further declines towards $1.73 could emerge, potentially increasing downward momentum.
At present, XRP’s trajectory is closely tied to Bitcoin’s performance. As long as significant market movements are driven by technical factors rather than news, traders should remain cautious. The coming days will be pivotal for XRP’s market positioning.
