The cryptocurrency industry has displayed a significant correction over the past weekend as the market experienced a liquidation of approximately 7.6% during this period. Further, the market leader, Bitcoin price, recorded a low of $60,979, highlighting a massive bearish influence in the crypto space.
On the other hand, the XRP price recorded a loss of 15.86% during the past seven days, making it the biggest weekly drop for this Ripple token since August 2023. However, the bulls managed to hold the price above its crucial support level, indicating a strong resistance at that point for the XRP token.
The Ripple price started in 2024 on a bearish note and recorded a correction of 21.10% during the first month. However, after recording a low of $0.4856, the bulls regained momentum and jumped approximately 50% by 12th March, before facing rejection at the resistance level of $0.7225.
Following this, the bulls lost momentum and broke down their support level, after which the price traded in a consolidated range between $0.5675 and $0.6710 for about a month. As the market volatility grew, the bulls lost momentum and recorded a massive drop in their portfolio.
Multiple factors are considered to be the reason for this recent blood bath in the crypto space. However, the prime reason for the correction in Ripple’s price is assumed to be its recent unlocking of Millions of XRP tokens in the market.
The Cross EMA 50/200-day continues to record a bearish momentum. It displays a high possibility of a Death Cross in the 1D time frame, indicating the XRP price may undergo increased price fluctuations during the coming time.
The Moving Average Convergence Divergence (MACD) displays a significant rise in the red histogram, highlighting increased selling pressure in the crypto industry. Moreover, the averages show a sharp fall in the chart, suggesting a bearish price action for the altcoin this week.
If the market regains momentum, the bulls will test its resistance level of $0.52 this week. Maintaining the price at that level will set the stage for Ripple’s XRP price to attempt to test its upper resistance level of $0.57 during the upcoming week.
However, suppose the bears continue to dominate the market during the Bitcoin Halving. In that case, the XRP token will further plunge and prepare to test its lower support level of $0.42 by breaking down its crucial support level at $0.4790.
Also Check Out : Bitcoin, Ethereum and XRP Price Prediction For This Week: Will Bears Dominate Halving Spree?
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