XRP’s Price Reversed The Huge Market Rally, Crashed By 20%

XRP’s price reversed the huge market rally and the price fell off a cliff, crashing by 20% so let’s read more in today’s Ripple price news.

The price of XRP which is the third-biggest crypto by market cap fell by 18.64% according to the data from CoinGecko.  After hitting daily highs of $0.71, the price dropped dramatically from $0.66 to lows of $0.59 and now has a price of $0.62 with a market capitalization of $28 billion. However, the dip followed a huge market rally and now the coin is up by 112% over the past week. XRP started increasing a few days ago from a price level of $0.31.

XRP is far from the only coin that crashed today as BTC which is the biggest crypto by market cap, fell by 1.68% to $18,832. Bitcoin slipped further away from its all-time high of $20,000 while Ethereum dropped by 4.58% to $580. Some of the other top coins fell as well like Bitcoin Cash by 5.74%, Litecoin by 7.1%, and Cardano by 5.53%. XRP’s price reversed and coincided with the drop of the US stock markets. The S&P500 dropped from its all-time high and the Dow Jones also reversed slightly below 30,000 points.

All of the top coins were up for the week and were outperforming compared to the other one. Bitcoin was worth $10,500 at the start of October while now, it trades at $18,832. Also, as reported yesterday, Ripple started a strong rally and it settled above the $0.3000 resistance against the US dollar. The price then tested the $0.74 resistance and settled well above the 100 simple moving average with a major contracting triangle forming near the $0.70 resistance on the 4-hour charts of the pair. The XRP/USD pair could start a fresh rally once it clears the $0.700 resistance zone. In the past technical analysis, we saw there were changes of a huge rally in Ripple’s XRP price towards $0.7500 as the price followed a strong bullish path above the $0.500 and the $0.600 level.

It broke the hurdles near the $0.700 level and settled above the 100 simple moving average but at the end, the price tested and at the $0.7500 resistance zone. The new multi-month high was formed close to the $0.7870 before the prices started a downside correction. XRP’s price corrected lower again below $0.700 and tested the $0.600 support but remained above the 100 simple moving average. The swing low is formed near $0.5662 before the prices climbed back to $0.7547.