Cryptocurrency market saw a big drop over the weekend, with Bitcoin hitting $60,979 low.
Ripple (XRP) also faced a 22% loss, its biggest drop since August 2023.
Despite the bearish trend, XRP maintained support above a key level, drawing attention from traders amid market volatility.
The cryptocurrency market has experienced a significant correction over the past weekend, with the industry witnessing high liquidation during this period.
Bitcoin, the market leader, recorded a low of $60,979, highlighting the massive bearish influence currently dominating the crypto space. Ripple (XRP) token was not immune to this downturn, recording a loss of 22% over the past seven days, marking its biggest weekly drop since August 2023.
Despite the bearish pressure, XRP bulls managed to hold the price above a crucial support level, indicating strong resistance at that point. This resilience has caught the attention of market participants, who are closely monitoring XRP’s price action amidst the ongoing market volatility.
Ripple Holds Above Crucial Support
Ripple started 2024 on a bearish note, recording a correction of 21.10% during the first month. However, after hitting a low of $0.4856, the bulls regained momentum and propelled the price by approximately 50% by March 12th, before facing rejection at the resistance level of $0.7225.
Following this rejection, the bulls lost momentum, and XRP broke down its support level, leading to a period of consolidation between $0.5675 and $0.6710 for about a month. As market volatility intensified, the bulls lost further ground, resulting in a massive drop in XRP’s price.
The recent slaughter in the cryptocurrency industry is thought to have been caused by a number of factors. However, it is believed that the recent market unlocking of millions of XRP tokens is the main cause of the decline in Ripple’s price.
Will XRP Price Ever Go Up?
If the market gains momentum, bulls in XRP should challenge the barrier level of $0.52 this week. If the price stays there, it will provide the conditions for Ripple’s XRP to try attempting its upper resistance level of $0.57 later this week.
However, if the bears continue to dominate the market during the Bitcoin Halving, the XRP token may experience further downside pressure. In this scenario, XRP could break down its crucial support level at $0.4790 and prepare to test the lower support level of $0.42.