Ripple Price (XRP/USD) Tanks Nearly 50% Before Paring Losses As Crypto Market Sinks

Summary:

Ripple price loses nearly 50% before recovering some of the losses, in what has been a brutal day for the cryptocurrency market.

Ripple price fell nearly 50% on Wednesday after the cryptocurrency markets experienced a selloff that rivaled the March 2020 collapse.

Ripple price has historically correlated with Bitcoin prices, and the slump to $30,000 on Bitcoin ensured that Ripple price followed the same pathway. Wednesday’s drop sent prices back to 1-month lows, erasing the gains in Ripple price that occurred after its top executives secured a favourable ruling against the SEC. The XRP/USD has clawed back a lot of these losses and is now down 22.75% as of writing.

Technical Outlook for Ripple Price

Ripple price has broken below the symmetrical triangle and has violated the 1.31922 support. This violation extended below the 1.20349 and 1.10223 support levels but met support at the 0.94102 level with a strong bounce. This bounce has sent Ripple price above the 1.10223 support, thus retaining the integrity of this level. An extension of this bounce targets 1.31922 in a role-reversed function. If this level is taken out, 1.4000 and 1.6000 become new targets to the north.

On the other hand, a rejection of price at the 1.20349 price mark allows for a retest of the 1.10223 support, with additional targets seen to the south at 0.94102 and 0.8000 (6 April low).