XRP News: Price May Drop to $1.6 if $2 Support Fails

Cryptocurrency investors are closely monitoring Ripple’s (XRP) price action as it trends lower alongside the broader crypto market. Here’s a detailed analysis of what to expect in the NEAR future.

Ripple Price Analysis: XRP Could Plunge to $1.6 if Support Fails

Ripple’s price is experiencing a significant decline alongside the crypto market and may continue dropping if Bitcoin doesn’t recover soon. On the daily chart of the XRP/USDT pair, the price has been trending lower after being rejected from the $3 resistance zone. Currently, the market is testing the $2 support level. If this breaks, a further decline towards the 200-day moving average at around $1.6 is probable. However, with the RSI entering the oversold region, a consolidation or bullish pullback could be expected in the coming weeks. When paired with BTC, Ripple is holding on better as the price hasn’t declined as much.

XRP Price Crash: Can March Reverse the Downtrend?

XRP has seen a sharp decline today, currently standing at $2.03 with a 9.16% drop in the past 24 hours. The market cap of XRP is $117.81 Billion, down 9.07%. However, the trading value has risen by 11.38% to $7.6 Billion. Looking at the monthly percentage, XRP has seen a drop of 34.29%, marking February a tough month. Several factors have contributed to this recent price drop, with the global crypto market showing a 7.38% drop in the last 24 hours, significantly influenced by Bitcoin’s price crash to $79,743.17, a 7.71% decrease.

XRP Price Drops but Bulls Defend Key Levels

XRP is down 8.9% in the past 24 hours and currently stands at $2.04 per coin, its lowest level since February 3. The crypto sell-off started last week amid the Bybit hack, causing panic among investors. The Fear & Greed Index has dropped to its lowest level since June 2023, indicating that the market is in “Extreme Fear” mode. $22.3 million XRP long positions were liquidated in the past 24 hours, while trading volumes for XRP have surged by 11.3%.

Ripple Price Prediction: XRP Struggles, Mutuum Finance (MUTM) Presale Thrives

Ripple’s XRP struggles to remain above $2.25, with analysts anticipating a potential drop to $1.90 due to bearish sentiment in the cryptocurrency market. The altcoin’s futures open interest has dropped significantly. Despite this, long-term investors are purchasing XRP, attested by $187 million of exchange outflows. Meanwhile, decentralized lending protocol Mutuum Finance (MUTM) ignores the market blues, recording over 3,400 investors and raising $1.8 million in its ongoing presale.