XRP price has been on a tumultuous ride recently, facing significant losses as it stuggles to uphold positive monentum.
Summary
- XRP price has dropped 7.54% today, falling to $2.21 after losing key support at $2.47.
- Broader market downturn and global macroeconomic pressures have contributed to the token’s instability.
- Technical indicators suggest continued bearish momentum, with RSI at 28.92 and ADX at 37.39.
- XRP must hold above $2.20 to avoid further declines, with potential support at $2.00 if the downtrend persists.
As of today, Oct. 17, XRP is down 7.54% in the last 24 hours, trading at $2.21 per crypto.news data. The price drop follows a major selloff that resulted in the loss of key support at the $2.47 level.
XRP’s market cap has also fallen by 7.32%, and the 24-hour trading volume surged by 62.9% to $8.89 billion, highlighting mounting bearish sentiment.
Large red candles and a major increase in trading volume signal panic selling, with investors scrambling to minimize exposure to the altcoin. The current price action has brought Ripple (XRP) closer to crucial support levels, with $2.20 being a key area to watch.
Despite recent positive developments including Ripple’s recent acquisition of treasury firm GTreasury to strengthen its liquidity and payments capabilities, the token has continued to succumb to market pressure, as the news failed to offset the growing wave of selling activity.
However, the overall market trend has been largely negative since the Friday liquidation of $19 billion, driven by broader macroeconomic factors and geopolitical tensions.
The total cryptocurrency market cap has fallen nearly 6% to $3.5 trillion. Even major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are not immune, with the crypto king trading at $105,182 while the second largest hovers $3,736.
Technical indicators suggest a continued XRP price downtrend
On the charts, XRP’s outlook remains bleak. The Relative Strength Index (RSI) is at 28.92, well into oversold territory, signaling that the market sentiment is strongly bearish. A continued decline in the RSI suggests that further selling pressure may persist unless a sharp reversal happens.
The Average Directional Index (ADX) is currently at 37.39, confirming that the downward trend is gaining strength, with no signs of reversal in the short term. For XRP to stabilize, it needs to hold above $2.20 to avoid further declines.
If the support level at $2.20 fails to hold, the next potential support could be around $2.00. On the flip side, a price move above $2.50 would require significant buying pressure to reverse the current bearish trend.
The market remains highly sensitive to macroeconomic factors, with the global Fear & Greed Index at 28, reflecting extreme fear in the market. As investors continue to exercise caution, XRP’s price may face more downturn in the coming days unless strong bullish momentum emerges.
