XRP price is retreating towards the crucial $ 0.50 level.
Leading cryptocurrency Bitcoin (BTC) has been on the rise with corporate investment news yesterday after bottoming at $ 17,750 yesterday. As always, altcoins also followed BTC and started drawing bullish charts. However, the situation was not the same for XRP. Ripple is deepening its decline as Bitcoin price rises.
Why Is Ripple Falling?
When the general market data is evaluated, it is seen that Ripple is following Ethereum, which is the largest altcoin in terms of market volume, and (ETH) and Bitcoin. However, this time the situation was different. Ethereum and Bitcoin, which continued to rise during the day, also seem to be continuing the downward trend of XRP price.
Ripple price rose with both the bullish sentiment in the general market and the excitement of the Spark airdrop, and corrected as expected after the rally of over 200 percent. Spark airdrops took place at night, and around the same time XRP dropped sharply.
Looking at the charts, it is seen that around 03:00, XRP declined from $ 0.58 to $ 0.48. Analysts think there was a drop as soon as the airdrop excitement ended.
The market was split in two
In fact, there were two different views on the airdrop market: One segment stated that the airdrop would be a great catalyst for the XRP price and that Ripple would rise to the $ 1 band, while another thought that XRP would face intense selling pressure with the Spark airdrop.
Looking at the current data, it is seen that those who expect a decrease are justified. Presumably, investors started buying and selling profits, which put a lot of pressure, pulling the price down. After this price drop, it is thought that panic sales may cause a further decline in XRP.
Will the Decline in Ripple Stop?
The $ 0.50 level serves as a very important support level in XRP, and according to the charts, Ripple continues to pull back towards $ 0.50, analysts say. The price movements that XRP will exhibit in the coming days are thought to be due to the reaction it will face in the $ 0.50 band.
If XRP loses its support level at the $ 0.50 band and continues its downtrend, the lows in the $ 0.30 band may be retreated. However, the buying pressure that will occur in the $ 0.50 band with the effect of the increase in the market may cause the price to rise up to $ 0.80 with a new rally in the coming days.
