Convergence

Bitcoin

Gains

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ripples-market-struggle-xrp-price-dips-threaten-recent-gains" rel="noopener noreferrer nofollow">Ripple’s Market Struggle: XRP Price Dips Threaten Recent Gains</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/the-new-trend-in-digital-investment-tools-crypto-asset-options" rel="noopener noreferrer nofollow">Ripple</a>‘s <a href="https://en.bitcoinhaber.net/xrp-sees-significant-growth-as-institutions-drive-rally" rel="noopener noreferrer nofollow">XRP</a> cryptocurrency appears to be succumbing to the broader cryptocurrency market downturn, mirroring the downward trend of <a href="https://en.bitcoinhaber.net/wall-streets-record-breaking-rally-for-bitcoin-etfs" rel="noopener noreferrer nofollow">Bitcoin</a> and other major digital assets. Investors are bracing as the potential for a significant support breach could nullify the profits accrued over the month. Despite a recovering crypto market in the last few days, XRP has been on a downward trajectory.</p>
<h2 id="xrp-s-market-challenges">XRP’s Market Challenges</h2>
<p style="text-align: justify">The recent market slump has resulted in the loss of about 80% of XRP’s March gains, with the currency trading at $0.612. The decline has hit both investors and futures traders hard, with long positions suffering from significant liquidations that exceeded $4.47 million in a single day. This downturn may dampen investor confidence, reducing prospects for a price rebound, while technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest bearish trends ahead.</p>
<h2 id="technical-indicators-and-whale-activity">Technical Indicators and Whale Activity</h2>
<p style="text-align: justify">An 8.5% drop in XRP price within 24 hours has market watchers cautious as the altcoin faces the likelihood of further decline, potentially slipping below $0.606. Such a fall would result in Ripple relinquishing its key 38.2% Fibonacci retracement support level. Moreover, a loss of support from the 50-day Exponential Moving Average (EMA) further compounds the bearish outlook. Unless the 100-day EMA support holds, further losses could erase the last two weeks of gains.</p>
<p style="text-align: justify">Interestingly, large-scale holders, or ‘whales,’ have been accumulating XRP despite the market’s negative signals. By purchasing over 50 million XRP in the past 48 hours, they’ve injected over $30 million into the market, possibly to stem the losses. Should this whale activity significantly influence XRP’s direction, there might be hope for the altcoin to stabilize and even attempt a recovery above the critical $0.606 support threshold.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ripples-market-struggle-xrp-price-dips-threaten-recent-gains" rel="noopener noreferrer nofollow">Ripple’s Market Struggle: XRP Price Dips Threaten Recent Gains</a></h5>

Ripple’s Market Struggle: XRP Price Dips Threaten Recent Gains

목차

BH NEWS

2024년 3월 15일에 게재된 다른 기사

Solana Investors Rush to Join Pushd (PUSHD) New E-Commerce Presale Amid (BTC) New All-Time High: ...

Democratic Senators Urge SEC To Halt Crypto ETP Approvals Over Misleading Crypto Marketing

Eight-Year Legal Battle Ends, Judge Rules Craig Wright Not Satoshi Nakamoto

Innovative Horizons: TenX, Cronos, and Axie Infinity Reshaping Blockchain Realms

Shiba Inu Community Divided on Future: Can SHIB Mirror Its 2021 Phenomenal Surge Amid Skepticism?

Blockchain AI platform NetMind assures no platform breach amid NMT token sale speculation

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!