Amid the ongoing market turmoil, the cryptocurrency market has taken a hit of 5.76%, from $2.61 Trillion to $2.47 Trillion with a trading volume of $225.7 billion. Following this, the Bitcoin price has plunged below $78,000 with a volume of $99.463 billion. On the other hand, Ethereum’s dominance has dropped to a multi-month low of 7.48%, indicating increased bearish action.
Moreover, the XRP price has failed to hold its major support trendline, resulting in it crashing to a new yearly low. Considering the present market sentiments, marketers are curious about the short-term price prospects of Ripple’s XRP token.
With this, questions like “How low will XRP price crash?” and “Is Ripple a buy or sell today?” storm the internet. In this write-up, we bring you the possible Ripple price analysis for this week.
Ripple Price Crashes 25% Today!
The XRP price has broken down its crucial support zone of $2 during the early Asian trading market. This has resulted in the price of this altcoin testing its low of $1.64 with a trading volume of $15.58 billion, a change of +625.19%. Moreover, with a market cap of $108.52 billion, the Ripple price has a YTD return of -10.48%.
The Simple Moving Average (SMA) constantly acts as a resistance to the XRP coin price chat in the 1D time frame. This highlights a strong bearish sentiment for the second-largest altcoin by market capitalization.
The Moving Average Convergence Divergence (MACD) displays a constant red histogram with its averages recording a continuous decline in the chart, suggesting that the price of XRP token may continue trading under a negative sentiment this week.
How Low Will XRP Price Crash?
Suppose, a bullish trend reversal occurs, under such a situation, the Ripple price could retest its immediate resistance trend level of $2. Maintaining the price above that level could push the price of this altcoin toward its upper price target of $2.25 during the upcoming days.
Furthermore, if the bulls outrun the bulls or the crypto market experiences a strong buyback, this could potentially lead the XRP crypto price toward its upper threshold of $3.
Conversely, a sustained bearish action could pull the price of this altcoin toward its crucial low of $1.75. Notably, if the bears dominate the crypto space, this could result in it plunging toward its multi-month low of $1.50 this week.
Also Read: Ripple Launches 100 Million XRP rewards program! Fact Check
