XRP Plunges Below Key Support – Is This the Start of a Deeper Correction?

XRP just sliced through a critical price floor like a hot knife through butter, leaving traders scrambling. Here's what's happening—and why Wall Street's 'risk managers' are probably still sipping their lattes.

The Breakdown: The fifth-largest cryptocurrency by market cap lost its footing at a level that previously acted as strong support. No fancy jargon—just pure selling pressure overwhelming buyers.

Market Reaction: Social media's flooded with doom posts, but seasoned traders know these shakeouts often precede big moves. Remember: the same analysts now predicting $0.10 were screaming '$10 soon!' last bull run.

What's Next: If bulls can't reclaim this level fast, we might see stops triggered down to the next major support zone. Either way, volatility's back on the menu—and isn't that why we're all here? (Well, that and sticking it to the fractional reserve banking system.)

Analysis of Ripple’s Price: Expert Insights

After losing its critical $3 support point, XRP faced intense selling pressure. The initial downward movement accelerated with increased high-volume sell orders, indicating the cryptocurrency‘s short-term vulnerability. With a support level seen around $2.80, this is likely only a temporary resting place for XRP.

Analyst Ali Martinez points out the real bottom could lie within the $2.48 – $2.40 range. Martinez expects buyers to reappear within this zone, suggesting potential opportunities for market re-entry.

Technical Indicators and Whale Activity

The Tom DeMark TD Sequential indicator issued a sell signal for XRP on the three-day chart at $3.60. Such signals often herald broader downturns, adding to bearish pressure. Martinez notes a death cross formation in the MVRV ratio, which signals prolonged price pressure.

Blockchain data revealed whales offloaded 720 million XRP from their wallets in the past 24 hours. This reshuffling by large investors adds to the selling impetus across the market.

Should the Relative Strength Index (RSI) fall below 45, it could accelerate the downward momentum. Similarly, closing below the lower band of the Bollinger Bands WOULD intensify losses, while the MACD line remaining below the signal line suggests no imminent short-term momentum changes.