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.
