Why did the price of XRP drop today?
While most major cryptocurrencies, including Bitcoin, seemed to be rallying back to the price of XRP, the price of XRP slipped into the red. It dropped to $2.28 just as Ripple Labs announced a major partnership deal with Guggenheim Partners. With sentiment in the markets seemingly improving, this sudden unexpected drop leaves many traders feeling uneasy. However, from a technical perspective, there is still some good news for XRP holders, as they believe it is currently surpassing $2.25, a critical Fibonacci retracement level and an important support area. XRP has historically tended to bounce from this area - a resistance for the markets that tends to behave in a repetitive manner. For now, this area is likely to serve as a buffer for the token. On-chain activity has also started to pick up. Supporters are particularly focused on June 16, a date that has become synonymous with potential decisions in the Ripple vs SEC saga. A large number of people seem to believe that a favorable outcome could serve as a very strong catalyst for XRP's next movement. XRP Price Prediction: What’s Next? From a technical standpoint, XRP is trying to recover from the key support area around $2.10 and $2.25. Immediate resistance levels are marked at $2.34 and $2.44, with stronger resistance near $2.60. Other traders are looking for a potential double bottom pattern on the charts, which would be a bullish pattern if confirmed. In shorter timeframes, particularly the 8-hour chart, XRP is showing signs of bullish divergence. While the price has dropped, momentum indicators like the RSI are quietly trending upward, suggesting a potential price increase in the near term. However, one wildcard could shake things up - the upcoming U.S. CPI inflation dataset being released within the next 24 hours. Depending on how these numbers land, market sentiment across Crypto, including XRP, could shift quickly.
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