Ripple Price Drops 31% As Crypto Market Capitulation Continues

Summary:

Ripple price (XRPUSD) loses 31% of its value as cryptocurrency market bloodbath continues unabated in Tuesday's trading session.

Ripple price is undergoing yet another day of capitulation as it is down 31.64% as of the time of writing. The cryptocurrency market is undergoing a steep selloff and with nearly $260 billion in market capitalization blown away in 24 hours, things are looking very bad for Ripple. Ripple’s case is also being complicated by the SEC’s filing of an amended charge against the project and its execs, claiming price manipulation by co-founders Larsen and Garlinghouse.

Technical Levels to Watch

Ripple price appears to have found support at the 0.37172 price level (previous highs of 7 January and 10 January), and this has been followed by a strong bounce from that level. The bounce has taken the active daily candle above the 0.40346 and 0.45121 price levels. With Ripple price action still being very fluid, it is safe to say that upside targets continue to remain at 0.49884 and 0.51869. Restoration of bullish momentum depends on the bulls pushing Ripple price above the 0.59067 mark, with 0.55618 constituting a barrier to this destination.

On the flip side, yesterday’s shooting star candle and subsequent bearish breakdown of the ascending support trendline continue to support the outlook for further bearishness on the XRPUSD pair. Downside targets from present levels continue to lie at 0.40346 and 0.37172. Only a breakdown of the intraday support at 0.37172 will open the pathway towards additional downside targets at 0.35287 and 0.32516, in that order.