XRP Plunges Below $3 as Bears Dominate Crypto Market

The XRP price has dropped below the $3 mark today, with an intraday decline of 6.28%. This downward trend is supported by technical indicators such as the Simple Moving Average (SMA) and the Moving Average Convergence Divergence (MACD), which suggest an increased bearish action and a negative outlook for the cryptocurrency.

The market sentiment, resistance, and support trend levels for XRP are currently at $3.50 and $2.50, respectively. The cryptocurrency market has witnessed a liquidation of over $613 million in 24 hours, with Bitcoin struggling to maintain its value above the $100k mark. The decline in transactional activity of Ripple has contributed to the significant drop in the XRP price.

The XRP price has lost 6.23% in its valuation, with a trading volume of $6.28 billion, representing a change of +102.63%. Additionally, the XRP coin price has continued to trade within a triangle pattern since December 2024. The recent price drop has broken the important support level of $3, but the support trendline of the triangle pattern may indicate a potential bullish reversal.

The MACD indicator shows a constant rise in the red histogram, with its averages experiencing a bearish convergence. This suggests an increase in the selling-over-buying pressure for the altcoin in the market. The SMA indicator constantly acts as a resistance to the XRP price chart, and the price of XRP indicates a bearish outlook for this week.

If the bulls regain momentum, the Ripple price could retest its resistance level of $3. If the bullish sentiment intensifies, this could push the price of XRP toward its upper high of $3.50 in the upcoming time. Conversely, if the bears outrun the bulls, the Ripple price will break down its support trendline and drop toward its support level of $2.75. If the bears dominate the crypto space, the price could plunge toward its lower support of $2.50.