The post Ripple News: Why is the XRP Price down today? appeared first on Coinpedia Fintech News
Amid a volatile market, the bears continue to focus on XRP as the supply continues to bleed the market price. Trading below the 200-day EMA, the sell-off gaining momentum creates a FUD tailwind powering the downtrend. Will the XRP price hit the $0.50 mark in a free fall? Let’s find out.
XRP Price Performance
In the daily chart, the XRP price action reveals a long-coming triangle pattern. However, the recent downfall leads to a bearish breakdown of the support trendline holding the triangle pattern.
The price fall of 3.88% over the last 48 hours breaks multiple support levels, firstly the support trendline, secondly the 200-day EMA at $0.5492, and the 50% Fibonacci support level at $0.54998.
With two consecutive bearish candles, the XRP price is trading at the lowest recorded price since August 8. The ongoing bear cycle accounts for a price drop of 12.22% over the last 13 days.
Technical Indicators:
EMA: The bearish continuation puts a downtick in the 50-day EMA and may soon revert the EMAs into a bearish alignment.
RSI: Despite the short-term fall, the RSI line maintains a higher low trend formation but drops under the halfway line.
XRP Sell-Off Crashes The Market
As the broader market correction intensifies, whales and large investors continue to sell off XRP in the secondary market. In a similar move, a whale recently transferred 31,126,439 XRP tokens worth $16.90 million from Orbit to a secondary player.
The Ripple Foundation performed a similar move a few hours ago with the secondary sale of 100 million XRP, worth $54 million.
As the secondary market witnessed a huge increase in supply inflow, the XRP price weakened and put additional pressure on critical supports.
XRP Under Pressure Eyes $0.50
As the bear cycle continues, the next potential support for the XRP price stands at the 38.20% Fibonacci level at $0.5155. Below this, the $0.50 psychological mark will be a crucial reversal level.
On the flip side, the resistance levels for the altcoin are at the $0.54 and the $0.58 levels, or 50% and 61.80%, respectively.
Wondering if the XRP price will top $1 in 2024? Check out our detailed analytical Ripple Price Prediction for 2024-2030.