- XRP price fell 7% in the past 24 hours amid a broader crypto crash to touch lows of $2.90.
- Daily trading volume jumped 28% to $8.2 billion as panic selling spread.
- XRP’s technical outlook suggests further price declines.
Ripple’s XRP is one of the top losers in the leading cryptocurrencies by market segment as the cryptocurrency market faces fresh turbulence.
Amid a broader crypto downturn, the XRP price has fallen 7% in the past 24 hours to touch lows of $2.90.
This decline below the key level of $3.00 comes as Bitcoin hovers below $115k after another aggressive sell-off, with Ethereum, Solana and BNB also paring gains.
Macroeconomic headwinds and whale sell-offs are likely to drive further volatility across the market, with a bearish flip, bad news for altcoins.
However, could XRP’s strength see bulls rebound off support to eye new all-time highs?
XRP price – bulls fail to hold $3.00 amid crypto downturn
In the past 24 hours, XRP’s price has dropped from highs of $3.18 to lows of $2.90 across major exchanges.
While the 7% dip aligned with other top 10 coins, it’s notable that XRP slipped below the critical $3.00 threshold.
Daily trading volume rose 28% to over $8.2 billion, reflecting the level of panic selling that XRP has seen in the past 24 hours.
As noted, Ripple’s XRP dipped amid Bitcoin’s notable drop to lows near $114k.
Increased whale selling, in recent weeks, from long-dormant coins, combined with overall macroeconomic headwinds, to scattered bulls’ plans.
Per Coinglass data, these declines have led to total liquidations across the crypto market jumping 79% to more than $758 million in 24 hours.
ETH led with over $229 million in leveraged positions wiped out, and BTC saw $179 million in forced exits.
On the other hand, XRP accounted for $41 million, with most of these long positions totalling over $40 million.
A surge in liquidations, particularly, could fade bullish sentiment and allow bears to target lower levels.
The declining open interest, which fell 10% to $7.77 billion, hints at the reduced speculative activity.
Ripple price prediction
XRP’s technical outlook suggests price is revisiting a key support area, highlighted on the chart below.
On the daily chart, the Relative Strength Index (RSI) stands at 48 after retreating from overbought levels, and its dip suggests a potential continuation of the bearish momentum.
Furthermore, the Moving Average Convergence Divergence (MACD) shows a bearish crossover.
The histogram bars forming below the zero line indicate weakening momentum as bears strengthen.
If XRP price breaks below a break below $2.73, bears could accelerate the slide toward the $2.00 psychological support level.
On the flipside, a recovery above $3.00 could signal renewed momentum and allow bulls to target $3.55 and then $4.
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