XRP Experiences A Sharp Price Decrease Of More Than 10%
XRP experiences a sharp decline of about 10 percent in the past 24 hours and got down below the strong support level of $0.30 to $0.2598 and this could have something to do with Bitcoinâ€™s plunge today as well as we noted in the altcoin news today.
XRP remains the third-largest cryptocurrency by market value with a total market cap of $11.27 billion. However, it seems like the things could get worse before they get better since XRP will have to make some serious gains against the number one cryptocurrency to get back to the $0.30 support level. Just from looking at the 1-hour charts for XRP we can see that the altcoin decreased below the $0.30 level and continued to go under until it reached the support of around $0.2584. Later, the altcoin dropped below $0.24 but managed to rebound only slightly. The nearest resistance levels are now located at $0.2687 and above this, the resistance levels could reach up to $0.28. If the bulls manage to push XRP/USD higher, the further resistance is found at $0.2890 before the market is free to make another attempt to reach the $0.30.
If the price breaks below the current support of $0.2584 we could expect to see some levels of support to be located at $0.2518 and beneath this price support level, the further support lies at about $0.2459. The trading volume also saw a sudden surge during the selloff and the RSI even plummeted into a massive oversold condition. The RSI will not stay here for long which is why analysts are expecting a rebound sometime soon. On the XRP/BTC charts, we can see that XRP experiences some slight rebounding at the 2,455 satoshi level. The altcoinâ€™s price managed to remain above it and is now at 2.600 sat. The nearest level of resistance is staying at 2,710 and above this, the resistance lies at about 3,000. If the bulls manage to move the market above 3,000 sat, the higher resistance will lie at about 3,200 and 3,666 sat.
As per the latest cryptocurrency news, the nearest level of support for XRP lies at 2,600 so if the price goes beneath it, the further support is located at 2,455, 2,200 and 2,000. The trading volume also increased dramatically over the past few days.
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