💥XRP Melts Like Snow Under Sun 💥
XRP fell by almost 7% in the past week due to downward pressure on the cryptocurrency market in Sunday’s trading session.
A major withdrawal from Bitcoin-focused ETFs and a rate cut by the Federal Reserve preceded this decline, which has wiped 7% off the global market capitalization. Jerome Powell’s cautious outlook for 2024 and the Federal Reserve’s announcement of a 0.25 percent rate cut caused a wave of selling in cryptocurrency markets.
Investors were taken aback when Powell suggested a halt to monetary easing although the rate cut was expected.
Cryptocurrency markets are notoriously volatile, with prices influenced by macroeconomic trends, investor sentiment, and market speculation. The entire cryptocurrency market has fallen in the past week with losses recorded by numerous leading coins.
Last month’s bullish run of the cryptocurrency market supported the Ripple-backed token. XRP recovered its $2 level after breaking the $1 threshold midway through November. XRP has increased 135 percent in the last month since then. The token now faces a psychological resistance level of $3 while consolidating around the $2.2 mark.
The weekly chart shows that XRP has fallen more than 6 percent since hitting a multi-year high of $2.80. According to the Network Realized Profit/Loss (NPL) indicator, investors in XRP kept taking profits in December. 17, generating over $1.48 billion in revenue. This is the second-highest profit per day in 2024.
The resistance level at $2.50 needs to be turned back into support by bulls. The price of XRP may surpass its all-time high of $3.84 from 2018 if this occurs, and it may also surpass the multi-year high of $2.90 if there is strong volume during the uptrend.
On the other hand, the relative strength index (RSI) and the moving average convergence divergence (MACD) indicator are downsloping. XRP may lose the $2.2 support level if the sell-off persists, which would refute the bullish thesis.
