XRP, the third largest cryptocurrency by market cap, has recently seen a surge of gains as the bull run started affecting the market over a week ago. However, the situation took a turn once again on February 24th, and the coin started seeing large losses as soon as its price exceeded $0.34.
At the time of writing, XRP is still seeing losses, with its price currently being at $0.303397. The coin’s value has dropped by 10.13% in the last 24 hours, and it already broke through several support levels.
When looking at XRP’s one-year chart, it is clear that the coin’s price has been gradually declining, with attempts to reach stability in between sharp drops.
This is also quite clear when looking at its activity in the last three months.
However, there is a change in behavior during the last month, where the price actually started seeing gains, with periods of stability being present between sharp, albeit small, surges. While most other coins had decent growth in the past eight days, XRP was mostly stable, without succumbing to the bullish trend that seemed to affect the rest of the market.
It started seeing its first real growth on February 23rd, when its price finally gained bullish momentum and broke the $0.32 resistance against USD. After that, it had to deal with two more resistance levels at $0.3300 and $0.3350, both of which fell quickly. The next big resistance was at $0.3400, which the coin managed to break as well, but only for a brief period. Right after it broke the barrier, it was dragged back by the bearish trend which is currently causing large losses to most of the other coins as well, leading almost the entirety of the market back to the red.
Bitcoin has lost over 8% in the last 24 hours, while Ethereum is dropping by over 15%. EOS is currently experiencing the largest losses on the list of top ten largest coins by market cap, with a drop of 16.39% in the last 24 hours, according to CoinMarketCap.
As for XRP, the potential upside is that its price still manages to hold slightly above $0.3000, which currently acts as a support. If this support gets broken, however, the next one lies at $0.2940 level. This is the last major support, and breaking it might mean that the potential losses could take the coin below $0.2900.
While the low prices may be good for those looking to buy XRP and HODL, it is hard to predict when the drop might end. The coin broke numerous higher supports, such as the ones at $0.3200 and $0.3140 rather quickly, indicating that it entered a bearish zone.
As for the short-term predictions, it is possible that the price could correct higher soon, although any potential growth will likely be capped. However, the coin has managed to hold on above $0.3000 for nearly 18 hours after the drop, meaning that the support might hold after all.