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XRP’s price is currently down by more than 9%, trading at $1.78 at press time. This downturn aligns with the broader market’s struggles, where major cryptocurrencies are also facing declines due to ongoing tensions in the US-China trade war.
Yesterday, Ripple made headlines by acquiring a prime broker, a move viewed positively for the project. However, short-term price movements for XRP are still heavily influenced by Bitcoin’s performance, and, by extension, the stock market. Despite a slight bounce toward the end of the stock market session, the broader market was bearish, which had a direct impact on XRP’s price action.
XRP’s Struggles with Key Levels
XRP failed to reclaim the crucial $1.95 to $2 level, which remains a significant resistance zone. While it’s possible that XRP may eventually push past this level, it largely depends on Bitcoin’s performance, as XRP’s correlation with BTC remains strong at 85%. After yesterday’s rejection from $1.95, XRP dropped to a local support level around $1.75, where it has managed to hold steady, showing some volume support at this price point.
Short-Term Retracement and Support Levels
In the short term, XRP is retracing and approaching a key support level between $1.74 and $1.75. While it’s possible to see a bounce from this support zone, the overall trend remains bearish as lower highs and lower lows continue to form within a descending parallel channel.
Over the past 24 hours, XRP faced rejection at a previous support level now acting as resistance. This shift from support to resistance is a clear bearish indicator, reinforcing the overall downward trend in price.
Downside Price Targets for XRP
The key downside targets for XRP include the $1.60 range and the $1.74-$1.75 support zone. Traders should watch these levels closely as potential points for further price action or reversals.