- Bearish Ripple price prediction scenario unfolds as the pair slides to lower supports
- XRP/USD loses 30 percent in a broader crypto market correction
- No bottom in sight as the pair has broken below key support levels on the charts
Correction time – After a rapid rise, it is time for a healthy correction in XRP/USD
Most cryptocurrencies were trading near their annual highs for the past few weeks. After Bitcoin posted fresh new highs, it was time for the altcoins to join the bull run. However, analysts were worried about the near-vertical rise in prices and were predicting a correction. Now, it seems that they were right as the bearish Ripple price prediction has come true.
Ripple price has declined by approximately 30 percent in the past 24 hours. This is a substantial downward movement by any standards. It is currently stagnating near the $0.50 support that has helped the pair bounce back to higher levels many times in recent weeks. The near 10 percent crash in BTC/USD is affecting the altcoin market as well.
XRP/USD didnt stop at any intermediate support levels. The XRP/USD 4-hour chart shows that the pair is hovering around primary support levels near $0.5 and $0.45. Analysts will see todays correction as a healthy trend that will help tone down excessively bullish trends on the daily charts. Therefore, the pair is expected to bounce back from lower supports in the coming days.
Ripple price in the last 24 hours – A little step back is healthy
XRP touched fresh annual highs as the pair reached $0.75 resistance. However, mounting selling pressure and overbought technical indicators meant that a correction was overdue. The pair was struggling near the $0.75 level after repeated attempts to breakthrough higher levels.
Todays sh ...
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