Ripple price decline continues unabated.
Ripple's rally was very short. XRP price rose from the $ 0.30 level to $ 0.78 but is now in a bearish trend again towards the $ 0.30 band.
The combination of spark airdrop excitement and positive move in the market has given XRP a serious momentum, but the excitement seems to have faded. XRP, which was traded at $ 0.4490 at the time of writing, fell to $ 0.4373 in the past hours.
Why Is Ripple Falling?
In fact, Ripple had excited investors with its recent price movements and started to compensate for its poor performance in the past three years. As is known, XRP has been in a bear market for about three years and did not react to the short-term rallies in the market. The recent spikes were thought to be the awakening of XRP, but Ripple did not act as expected.
Rising with the spark airdrop excitement, rising to $ 0.78 overall, and even to $ 0.90 on some exchanges, XRP fell after the excitement subsided. The resulting excitement also increased the technical power of XRP, but according to the latest data, XRP is losing technical power again in the days we left behind.
So the reason behind the XRP's decline is indirectly technical weakness. The technical weakness is that spark airdrop is thought to be a quench of excitement .
Important Supports Are Breaking One by One
Ripple seems to be losing key support levels one by one in addition to its decline. Looking at the current charts, $ 0.52 and $ 0.48 were very important support levels for analysts. Ripple is currently trading below both of these levels and the downward trend is likely to continue unless the price is supported by different factors in the near term.
In addition, it is thought that key support levels are likely to turn into resistance, and if this happens, further weakness may be seen.
Is there any chance of ascension?
According to analysts who evaluate the current charts, the picture looks dark for XRP in the near term . However, as always, there is a possibility for the third largest cryptocurrency to rise in terms of market volume.
Although XRP currently appears in freefall regardless of the Ethereum (ETH) and Bitcoin (BTC) price, the prices are still linked. Therefore, a serious upward upward momentum initiated by BTC and ETH may have the power to pull XRP up.
For this reason, if BTC and ETH manage to break the consolidation processes upwards, we can see the bullish charts for XRP again
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