XRP News: Significant Drop Amid Market Downturn

Ripple’s XRP has seen a sharp decline, dropping to a two-week low of under $2.7, as part of a broader market downturn. Despite previous strong performance and speculation about its inclusion in a potential US digital asset reserve, XRP has struggled to break its 2018 all-time high.

Key Indicator Signals Another Major Move for Ripple as XRP Price Dumps 15% Daily

Ripple’s cross-border token, XRP, has experienced a significant drop, falling to a two-week low of under $2.7. This decline is part of a broader market downturn. Despite a strong performance following the US elections and speculation about its inclusion in a potential US digital asset reserve, XRP has failed to break its 2018 all-time high. The asset reached a peak of $3.4 in January but has since retraced to $3.15. Technical indicators, such as the squeezing Bollinger Bands, suggest that XRP could be poised for another major price movement soon.

XRP Struggles to Break $3 Barrier as Bearish Sentiment and Outflows Weigh Heavily

The altcoin XRP has seen a 9% decline in its value over the past week, with no immediate signs of recovery. Bearish sentiment is growing, and outflows from spot markets are accelerating. The XRP/USD one-day chart shows a growing bearish bias, with the Elder-Ray Index posting a red histogram bar for the first time in 15 days, indicating dominant bearish momentum. This suggests that sellers are in control, and the asset’s price is likely to face downward pressure.

XRP Third Wave Targets $5.85, Expert Predicts How Fast Can Ripple Breach It

Ripple (XRP) is currently experiencing significant growth, with its price sitting at $2.95 after a 6% drop in the last 24 hours. The market is undergoing a price upheaval, with XRP attempting to break out of its current range to reach significant price markers of $4.55 and $5.85. An expert has predicted the timeline for XRP to achieve these targets. The first phase of transformation involves the potential end of the SEC-Ripple legal dispute, which could push XRP to new highs. The second phase includes the possible approval of XRP ETFs by the SEC, further boosting the token's price.

Why is Ripple (XRP) Price Down Today

XRP failed to hold above $3 and the price action is now turning bearish. It was critical for XRP to hold above $3 if there was hope of higher highs. This level was lost today and the price fell to $2.7. This drop has also turned the level at $3 into a key resistance. The cryptocurrency fell by 11% today which shows sellers are returning. While this is a market-wide correction, the timing was quite unfortunate for XRP as this is turning the chart bearish. The first giveaway that a correction could be coming for XRP was seen on the volume profile. While the price made a higher high above $3, the volume did not do the same. This was an early sign that a bearish divergence was forming which called for caution.