Ripple prices are plummeting in today’s trading session. The cryptocurrency is already down by 8 per cent. The strong bearish move is also looking highly likely to continue throughout the session. Today’s strong bearish move is also a continuation of the past six days, where XRP has been in an aggressive sell-off that has seen prices decline by 22 per cent.
With the prices being on a freefall today, it is important to look at the recent price history in order to understand what is happening in the markets today.
This month has been aggressively bearish for Ripple prices. This has seen the cryptocurrency prices drop by 25 per cent since the beginning of June. The drop has been an extension of the aggressive bearish move that we saw in May, resulting in a 27 per cent price drop.
The push to the downside has also had long-term elements throughout the year. Looking at the year-to-date data, Ripple is down by 63 per cent. There is also a high likelihood that we will see the year-to-date price loss extended if the current aggressive bearish move continues.
In today’s trading session, Ripple set a new price low that has not been hit since January 30, 2021. The current drop of 8 per cent is also looking highly likely to continue throughout the session, and we may see the prices closing the session at an even lower price level.
Looking at the daily chart below, Ripple’s current aggressive bearish trend is clear, with the past six trading sessions showing an aggressive bearish move. The prices also recently hit the $0.33 support level and broke to the downside. The current bearish trend is also likely to see the prices trading below the $0.20 price level for the first time since December 2020.
However, should the market conditions improve, and prices move above the $0.4 price level, then my bearish analysis will be invalidated. It will also mean a possible bullish price reversal.
This post was last modified on Jun 13, 2022, 16:18 BST 16:18