Ripple’s XRP token is now trading at its lowest point since October 2017 following a 16% drop over the last 48 hours.
The sell-off has been reflected across all major cryptocurrencies, with Bitcoin also falling to $6,600 while Ethereum continues to stutter at around $122.
XRP’s market cap is now shockingly below $8 billion – a stark contrast to the $142 billion high it reached in January 2018.
From a technical standpoint, XRP’s price chart looks extremely fragile as a number of key support levels have been taken out to the downside.
Moving forwards, XRP needs to rally back above the $0.21 level, which now becomes a stern point of resistance.
A break above the 22 EMA on the daily chart could also spur a relief rally to the upside as it has suppressed price action since November 8.
The next levels of support to the downside for XRP are at $0.16 and $0.14, although a break below those levels could drive price to early-2017 levels at $0.08, $0.06, and even $0.02.
As the price of XRP continues to drop while the market cap of Tether continues to rise, Ripple’s token could lose its third-place spot among all cryptocurrencies.
The project has attracted a lot of criticism this year over its perceived status as a potential security and the ongoing OTC token sales that happen monthly.
For more news, guides, and cryptocurrency analysis, click here.
Las Vegas, US, 1st November 2024, Chainwire
From digital art to real-estate assets, NFTs have become a significant attraction for investors who…
Singapore, Singapore, 21st October 2024, Chainwire
HO CHI MINH, Vietnam, 17th October 2024, Chainwire
London, UK, 16th October 2024, Chainwire
Sinagpore, Singapore, 16th October 2024, Chainwire