XRP has faced massive opposition to its persistent gains, eventually breaking below crucial support points as it plummets to a 3-week low.
XRP has succumbed to the effects of the market-wide downturn, shedding off its gains along with the rest of the market. The asset has now plummeted to the lows witnessed three weeks ago, breaking below crucial support points previously established in its latest run.
XRP’s Rollercoaster Ride
Recall that XRP finally reclaimed the $0.50 territory on May 30 for the first time in over a month and a half. The asset had flipped the zone to support and firmly defended it to hedge against lower dips. XRP also aimed to leverage the $0.50 territory as a launchpad to greater heights. However, current realities are threatening this position.
Notably, the broader crypto market has been stuck in bearish territories since the SEC leveled charges against Binance and Coinbase. Most altcoins collapsed on June 10 in the aftermath of the unfavorable reports, including XRP. However, after a mild recovery, XRP closed the day above $0.50.
XRP’s recovery campaign spilled into the next two days, as it closed June 11 and 12 with modest gains, further solidifying its position above $0.50. The release of William Hinman’s documents coincided with this recovery, as XRP leveraged the sentiments triggered by the court case to spike to $0.5658 on June 13. Consequently, XRP briefly overtook USDC as the fifth largest asset.
However, this bullish situation was short-lived, as the bulls could not sustain the rally. XRP shed off these gains, closing June 13 with a surprising 1.12% loss despite the release of Hinman’s emails. This bearish turn of events spilled into June 14, with XRP closing the day with a 7.53% loss. This marked its highest intraday drop since April 19.
With its 7.53% loss on June 14, XRP ended the day below the $0.50 psychological support for the first time this month. The continuous market collapse has opposed the asset’s attempt to reclaim the $0.50 level. BTC is down 3.74%, while ETH has dropped by 5.56% in the past 24 hours.
What’s Next for XRP?
XRP is currently in a delicate position, as its next move from here could either lead to further drops or help it retain $0.50. Egrag, an acclaimed chartist, called attention to this position in a recent tweet. The analyst emphasized that the bears and bulls have continued to battle for control.
#XRP Bent Fork-$15 & Historical Support (UPDATE):
The #Bulls and #Bears are currently battling it out on the edge of the macro falling wedge.
To maintain control, the #Bulls should stay above the wedge, while the #Bears could potentially bring the price down to 0.45c – 0.47c.… https://t.co/vPee6Klubt pic.twitter.com/MbfiiTHZDk
— EGRAG CRYPTO (@egragcrypto) June 14, 2023
Egrag stressed that the bulls must keep XRP’s price above $0.52 to maintain control of the scene. However, he confirmed that the bears would likely batter the asset between $0.45 and $0.47. This level would serve as XRP’s last defense against a drop to the lows below $0.40.
XRP is changing hands at $0.4770 as of press time, down 5.41% in the last 24 hours. According to Egrag, if XRP loses control of $0.47 and $0.45, it could drop to the $0.37 point. The chartist mentioned that this bearish situation could be avoided if XRP manages to soar to the $0.58 – $0.63 zone.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
