XRP Price Eyes $2 Support as Ripple’s Weekend Gains Vanish
Ripple holders are looking at the $2 support after the $0.50 fall yesterday, disappointed that the Trump investment announcement wasn’t about cryptos.
Markets faced a widespread sell-off, with risk assets taking a significant hit. The Nasdaq closed nearly 3% lower, while cryptocurrencies fared even worse. Bitcoin plunged nearly 10%, and XRP lost around 20% from yesterday’s peak. The optimism that marked the beginning of March quickly faded as sellers regained control.
XRP’s Rally Reversed After Failing to Break Above $3
XRP had a promising start to the month, surging nearly 50% from Friday’s drop below $2. The broader crypto market saw a massive upswing, with Cardano (ADA) leading the charge with a staggering 200% gain. The rally was fueled by Donald Trump’s announcement of a Crypto Strategic Reserve, which suggested increased integration of digital currencies into the financial system. This news pushed XRP above the 50-day SMA (yellow), bringing it close to the $3 resistance level. However, buyers failed to break through, and a sharp reversal followed, dragging XRP/USD below $2.50, with a low of $2.30.
Market Reacts to Trump’s $100B Semiconductor Investment
Investor sentiment took another hit when Trump announced a $100 billion investment by Taiwan Semiconductor Manufacturing Co. (TSMC) in U.S. chip production over the next four years. Many in the crypto community had hoped for further discussion on the Crypto Strategic Reserve, leading to disappointment and renewed selling pressure.
What’s Next for XRP?
With moving averages breaking down, $2 is now the next major support level for XRP. If buyers fail to step in at this level, further losses could follow. However, if market sentiment stabilizes, we could see an attempt to reclaim lost ground. For now, XRP remains under heavy selling pressure, mirroring broader market uncertainty.
Ripple XRP Live Chart
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