Ripple (XRP) Slides Lower as Crypto Market Turns Bearish: Will Prices Fall to $1?
The bears have taken control of the crypto market, sending leading digital currencies’ prices on a downward track. Ripple, which was among the best performing cryptocurrencies during the first half of this month, has turned extremely bearish over the weekend, losing significant ground from its monthly high near the $2 level.
At the time of writing, XRP/USD is trading around 1.27, and technical indicators point to more selling pressure that can push its price lower, possibly even close to the key $1 level. During the previous session, Ripple (XRP) touched a low of around 1.12 before posting a slight recovery up to $1.50.
The price has weakened once again and the price action is suggestive of choppy trading in XRP after all the recent volatile moves. The bearish action in the overall crypto market was triggered on Friday after Turkey’s central bank, CBRT, announced a ban on cryptocurrencies starting from April 30.
In the case of Ripple, the MACD indicator signals further downtrend coming up in the near term. For now, the $1,20 level is holding as support but a break below this level can send prices towards $1 and possibly even lower towards $0.90. On the upside, XRP/USD faces strong resistance at $1.40, indicating that sellers remain in control for now.
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