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This Weekend May Turn the Tables for Ripple, XRP Price Expected to Drop Hard

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jun 10, 2022

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Article Highlights
  • XRP price may drop hard this weekend as the markets are expected to decline hard slicing through the crucial support levels

  • slicing through the crucial support levels The asset may drop below $0.3 to mark new lows as the dollar is gaining strength as an outcome of a raised inflation rates

Ripple price in the next 24 to 48 hours is expected to mark new lows as the markets are currently responding negatively to the updated inflation rates, which let out some moments before. The US dollar is slowly gaining strength as the DXY index has sliced through the crucial resistance and heading towards its ATH. 

The cryptos may witness the heat wave as the trader’s interest and the buying, both may witness a drop paving the way for the bears to strengthen their grip. The Cryptos, specifically XRP price may mark new lows in 2022, nullifying the gains incurred in the recent times. Therefore, the bulls are expected to remain off the track for a while compelling the price to drop by another 15% to 18% to plunge below $0.3. 

xrpprice

The XRP price is constantly trading below $0.4 for a pretty long time and the recent price plunge is building extreme bearish pressure over the asset. Below $0.37 first which remained one of the strongest support levels until now. The support levels could be held for some time now but eventually, a breakdown appears imminent. 

However, positive price action may be still possible, if the Ripple price ignites a flip from the current levels. This appears to be pretty unlikely as the indicators are extremely bearish at the moment. The selling pressure could be eased any time from now which may lay down a fresh bearish trend ahead, dragging the XRP price lower by nearly 20% to trade below $0.3. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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