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The price of the popular cryptocurrency XRP may be on the verge of crashing. Such an assumption is inspired by the alarming price movements of XRP that have occurred in the past few hours.
As you can see from the price chart of the 7th largest cryptocurrency, it witnessed a dramatic drop of around 2.38% in just 2 hours today. As a result, a major price support level, represented by the 200-day moving average, has been lost. What’s even more painful is that it disappeared on the daily chart, which makes the situation even more serious because of the time frame.
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However, the drama is not over here, as XRP price follows this decline and sees a bearish retest of the 50-day moving average on the weekly chart.
Source: TradingView
The last time something like this happened was probably the popular cryptocurrency’s April-May performance, where after weeks of testing this band as resistance, XRP’s price failed to break out, leading to a massive There was a significant decline, resulting in a fall in the minimum price. In early July, it was 0.3823 USD.
In total, the drop was nearly 33%, resulting in hundreds of millions of dollars in liquidations for bullish XRP traders.
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Whether such a development is possible is still open to speculation. Despite the negative omens, the crypto market appears to be trending in a rather bullish direction, with trading volume of crypto investment products reaching $2.2 billion last week, the highest since July.
However, if XRP continues its momentum, it could mean a unique trend for the popular cryptocurrency and a hidden story that is still unknown to a wide audience.
