XRP Faces Sharp Decline amid Market Turmoil
XRP’s price has taken a hit, dropping 7.54% to $2.21. This fall comes after losing crucial support at $2.47. The broader crypto market’s downturn and global economic pressures are to blame.
Technical signs point to more bearish trends. The RSI is at 28.92, showing oversold conditions. The ADX stands at 37.39, confirming the downward momentum. XRP needs to stay above $2.20 to prevent further drops. If it fails, support could be around $2.00.
Despite Ripple’s recent GTreasury acquisition, XRP couldn’t escape the selling wave. The market cap fell by 7.32%, and trading volume spiked by 62.9% to $8.89 billion.This indicates panic selling.
As the $19 billion liquidation on Friday, the crypto market has been negative. The total market cap is now $3.5 trillion, down nearly 6%. Even Bitcoin and Ethereum are affected, trading at $105,182 and $3,736, respectively.
With the Fear & Greed Index at 28, extreme market fear persists. XRP’s future depends on strong bullish pressure. Without it, more declines are likely in the coming days.
