XRP witnesses a steep 15% decline, breaching the critical $0.40 mark as it struggles with resistance levels. Despite a slight recovery, challenges persist, prompting concerns among experts and investors in the volatile crypto market.
XRP Price Crashes 15%, Falls Below $0.40
XRP experienced a significant price drop, falling 15% and dipping below the crucial $0.40 support zone. The cryptocurrency struggled to break the $0.4550 resistance, leading to bearish momentum. The decline continued past the $0.4240 and $0.4150 support levels, ultimately reaching a low of $0.3826.
Currently, XRP is correcting its losses, trading below $0.4250 and the 100-hourly Simple Moving Average. Resistance levels at $0.4050 and $0.4150, coinciding with the 50% Fibonacci retracement of its recent drop, present challenges for recovery. A bearish trend line forms further resistance at $0.4150 on the XRP/USD hourly chart.
If XRP fails to overcome these resistance levels, it might face another decline, with initial support at $0.390 and major support at $0.3850. A break below this could drive the price towards $0.3620. Technical indicators suggest bearish momentum, with the hourly MACD gaining pace and the RSI below 50.
Professionals and investors are monitoring these levels closely as they navigate the volatile cryptocurrency market.
