The post Ripple (XRP) Price Plummets to One-Year Low of Under $0.40: Details appeared on BitcoinEthereumNews.com.

TL;DR The cryptocurrency market has faced significant declines, with major assets like Binance Coin, Dogecoin, and XRP experiencing double-digit losses. XRP’s future may improve with technical indicators suggesting a rebound. Another Red Day The cryptocurrency sector has been experiencing a substantial downfall in the past several days, with the global market capitalization plunging under $2.1 trillion (per CoinGecko’s data). The correction intensified today (July) as numerous leading digital assets, such as Binance Coin (BNB), Dogecoin (DOGE), Toncoin (TON), and many more, recorded double-digit losses. Ripple’s XRP is also among the poorest performers, with its price slipping by 13% on a daily scale and sinking below the $0.40 mark for the first time since March 2023. XRP Price, Source: CoinGecko Prior to the crash, though, multiple analysts speculated that XRP was on a bullish path and set to reach a new all-time high in the near future. Crypto Rover—an X user with almost 800,000 followers—recently assumed that the asset is in a consolidation phase as long as it trades in the $0.13-$1.50 range. EGRAG CRYPTO chipped in on July 3 when XRP was worth around $0.46. They claimed the token was getting close to reaching an important resistance level known as Fibonacci 1.618. “If history repeats itself halfway, then we’re eyeing $27,” the analyst stated. One key indicator – the XRP Relative Strength Index (RSI) – signals that the asset might indeed experience a revival in the short term. The technical analysis tool measures the change and speed of price movements varying from 0 to 100. A ratio above 70 suggests a potential correction could be imminent, while a score below 30 hints at a potential upward reversal. Data shows that currently XRP RSI is pointing at 11.6, the lowest level since August 2023. The Impact of the Ripple v SEC…

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Filed under: News - @ July 5, 2024 11:24 am