📉Crypto Volatility Strikes: $XRP , $ADA Suffer Double-Digit Losses Over 7 Days
$XRP’s 7-day loss reached 14%, while Cardano’s ADA led the top ten coins with a 19% negative price movement.
Data from Coingecko reveals that XRP’s 7-day performance makes it one of only two top-ten digital assets experiencing double-digit losses. Cardano’s ADA, which briefly fell below $1, leads the top ten with a negative 7-day price movement of 19%.
Although ADA, along with other top coins, appeared to be recovering at the time of writing, it was still still 19% below its Dec. 3 value of $1.28.
The corrective structure appears to form a descending triangle, suggesting the onset of a potential ABC correction. XRP has retraced to the 0.382 Fibonacci level near $2, a key area to monitor for support.
Meanwhile, the Relative Strength (RSI) has declined from overbought territory, reflecting a cooling of upward momentum and signaling a potential consolidation period.
Conversely, a breakdown below $2 could open the door for a deeper retracement to the 0.5 Fibonacci level at $1.70, or even show a developing downtrend.
The price has now formed an ABC corrective pattern, with wave (a) taking the price down to $2.17, while wave (b) ended at a lower high of $2.63 on December 8. A subsequent decline to a lower low of $1.97 on December 9 could have marked its completion as the price is up by 12% and still in an upward trajectory.
♦️Key Levels to Watch
🔺Support Levels:
$2.17 (wave (a) low): Immediate and critical support to sustain the bullish outlook.
$1.97 (0.382 Fibonacci): Strong support zone in case of a deeper correction.
$1.70 (0.5 Fibonacci): Major structural support for a broader retracement.
🔺Resistance Levels:
$2.36: 0.236 Fibonacci level
$2.47: Descending triangle boundary.
$2.90: Previous high and key breakout level for wave.
$3.20-$3.50: Fibonacci extensions and potential targets for wave.