Why XRP Price is Down Today?
The cryptocurrency market records a liquidation of over $613 million in 24 hours with Bitcoin price struggling to hold its value above the $100k mark. Further, the XRP price has dropped below $3 by dropping over 6% in 24 hours. Amid a sharp decline in the transactional activity of Ripple, its native token has taken a strong hit.With the top cryptocurrencies experiencing a strong bearish outlook, will the XRP price hold its support of $2.75 this week? In this article, we have covered the possible short-term Ripple price analysis just for you!Ripple Price Records A Strong Bearish Reversal!The XRP price has lost 6.23% in its valuation with a trading volume of $6.28 billion, a change of +102.63%. Moreover, it has plunged over 9% in seven days. This highlights an increase in the selling pressure for the 03rd largest cryptocurrency in the market.TradingView: XRP/USDTReportedly, the XRP coin price has continued to trade within the triangle pattern since December 2024. Moreover, with the recent price drop, the Ripple price broke its important support of $3. However, the support trendline of the triangle pattern acts as a support, indicating a potential bullish reversal.XRP Technical SentimentsThe Moving Average Convergence Divergence (MACD) records a constant rise in the red histogram with its averages experiencing a bearish convergence. This suggests an increase in the selling-over-buying pressure for the altcoin in the market.On the other hand, the SMA indicator constantly acts as a resistance to the XRP price chart. Moreover, with a strong negative curve in the daily time frame, the price of XRP indicates a bearish outlook this week.Will XRP Price Ever Recover?If the bulls regain momentum, the Ripple price could retest its resistance level of $3. Furthermore, if the bullish sentiment intensifies, this could push the price of this altcoin toward its upper high of $3.50 in the upcoming time.Conversely, if the bears outrun the bulls, the Ripple price will break down its support trendline and drop toward its support level of $2.75. Moreover, if the bears dominate the crypto space, the price to plunge toward its lower support of $2.50.Are you wondering about the long-term price prospects of the Ripple token? Read XRP Price Prediction!Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more. Daily Get real-time crypto news, market insights, and blockchain updates. Weekly Stay updated with major trends, funding news, and price analysis. Monthly Receive a detailed report with market analysis and expert predictions.