XRP News Today: Crypto Market Plummets 1% Amid Geopolitical Tensions

The crypto market is experiencing a bearish trend, with significant selling pressure on tokens. This negative outlook is attributed to rising geopolitical tensions, unstable market conditions, and disruptions in financial markets. Bitcoin, the leading cryptocurrency, has lost momentum this week, while the altcoin market has also seen significant value slippage from top cryptocurrencies.

Bitcoin's price has dropped by approximately 1%, approaching its crucial support zone around $102,500 in the daily time frame. This zone has been instrumental in maintaining Bitcoin's value above this range since May. The Moving Average Convergence Divergence (MACD) indicator shows a rising red histogram, suggesting increasing bearish momentum. If the market holds the BTC price above $102,470, it could retest its upper price targets of $104,810 or $107,218 during the upcoming week. Conversely, increased selling pressure could lead the price toward its immediate support trend levels of $102,470 or $100,000.

Ethereum, the second-largest cryptocurrency, has been trading within a consolidated trend since May 10th and is now hovering close to its key support zone of $2,350. The Relative Strength Index (RSI) has failed to hold its value above its neutral point, recording a sudden drop to 40.74. This suggests a further drop this week before a potential situation arises for a healthy bounceback. If the bulls rebuild momentum, the Ethereum price will retest its immediate target price of $2,600. However, a retest to a multi-month low of $2,200 cannot be ignored as the bears continue dominating the cryptocurrency market.

XRP, another major altcoin, has breached its important support level of $2.14 multiple times this month, highlighting a constant bearish presence. It has now formed a new imaginary support around the $2.08 mark, making it a potential reversal point for the altcoin. The Stochastic RSI indicator is retesting its oversold range today, with the averages in the 3-day frame showing signs of extreme negative sentiment. If XRP price regains the value above the $2.14 level, this may set a base for it to retest its upper price targets of $2.35 or $2.57 next week. On the contrary, a rising bearish sentiment could pull the price of XRP token toward its crucial support of $2 or $1.94 soon.

In summary, the crypto market is facing a bearish trend due to various factors, including geopolitical tensions and unstable market conditions. Bitcoin, Ethereum, and XRP are all experiencing significant price drops, with potential support and resistance levels identified for each. The market's sentiment remains negative, with analysts predicting further drops before a potential bounceback. Investors should closely monitor these levels and the overall market sentiment to make informed decisions.