The cryptocurrency market is currently experiencing significant volatility, leading to a widespread correction in major coins. Over the past 24 hours, the price of XRP has dropped over 8%, losing the crucial $2 mark. The total market capitalization has decreased by nearly 5%, now at $3.04 trillion, reflecting a negative investor sentiment. Cryptocurrencies like Bitcoin have fallen to $99,000, down more than 4%. Meanwhile, Ethereum has dropped to $2,179, down over 10%. Popular altcoins such as Solana, BNB, Dogecoin, and Cardano have also declined between 4% to 9%. The Fear-Greed Index remains low, currently at 40, indicating cautious market sentiment.
On the daily chart, XRP has broken below the important support level around $2.07. Experts warn that if this level is not maintained, the price could continue to fall further. The next support level is in the range of $1.92 - $1.95, which is the projected support point if the downtrend continues. If XRP falls below $1.91, the next support will be around $1.80 - $1.79, based on Fibonacci patterns and historical price action. In the short-term charts, there are no strong recovery signals yet. Analysts hope for the emergence of bullish divergence to signal a potential bounce, but there is no clear confirmation yet. The current trend remains bearish unless Bitcoin and the major market show signs of recovery.
The current market is particularly volatile due to the increasing dominance of Bitcoin and rising global tensions. The Federal Reserve's tightening monetary measures are putting significant pressure on risk assets like cryptocurrencies. Experts believe that due to rising tensions and no recent signs of interest rate cuts from the Fed, the economic situation may become more complicated in the near future. The likelihood of XRP continuing to face pressure is high if macroeconomic factors remain unstable, pushing prices down further in a context of market uncertainty.
Source: https://tintucbitcoin.com/xrp-hom-nay-duoi-2-usd-co-hoi-hay-rui-ro/
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