Ripple down -5.30% amid Crash in Crypto Space

Ripple coin failed to recover from its overnight losses, falling to an intraday low of 0.75797. The [[XRP/USD]] coins have been trading in the bearish zone – this could be attributed to the massive sell-off in the cryptocurrency market, which experienced an enormous sell-off during the New York midnight trading session. Bitcoin has lost more than 15% of its value, while Ethereum has lost the same percentage. Altcoins like Cardano have lost nearly 20% of their value.

The value of XRP has plummeted by more than 30%, bringing it back to $0.60 and Ripple is currently trading below the 9-day and 21-day moving averages. Technically, the chart shows a ranging channel development that indicates that a price breakdown could follow. Meanwhile, [[XRP/USD]] is down, due to recent market movements, as the coin remains around the channel’s lower border. The Ripple price is currently negative, but a rally over the 9-day and 21-day moving averages might lead to the $0.98, $1.03 and $1.08 resistance levels.If the ripple buyers can control and push the market above the moving averages, the market price might rise to the 1900 SAT barrier level and beyond. According to the technical indicators, the signal line of the technical indicator Relative Strength Index (14) is going towards the oversold level, indicating that more bearish movement is expected. At this point, Bitcoin, Ethereum, and XRP are attempting to make minor recoveries. But it’s unclear how much further this market could fall. So, you’ll need to keep an eye on your surroundings.

Since the start of the new week, the crypto market has been flashing red signals as Bitcoin plunged to a low of $42,000, with the bulls buying the dips. BTC has corrected itself above the $49,000 support level, with the bulls and bears currently in a price tussle above the current support. On the other hand, the strength of the broad-based US dollar was also seen as one of the key factors contributing to the losses in the XRP/USD.

The idea of the Federal Reserve tightening policy more quickly boosted the broad-based greenback. To keep inflation under control, investors appear to expect that the Fed will be forced to use more aggressive policy tools. Indeed, money markets expect the Fed to raise interest rates by May 2022, which will boost the dollar. This, along with crypto-related uncertainty, kept the [[XRP/USD]] coin down.