The recent market correction has impacted most of the top 10 cryptocurrencies, with XRP experiencing a notable decline according to CoinStats data.
XRP’s price action reveals a critical test of support levels, signaling potential further downside if bearish momentum persists.
As highlighted by COINOTAG, “If XRP closes below $3.40 with a significant wick, sellers could dominate, pushing prices toward the $3.00 mark.”
XRP faces a correction phase with key support at $3.40 under pressure; traders should monitor price action closely for potential declines to $3.00.
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The XRP/USD pair has experienced a decline of approximately 1.17% over the past 24 hours, reflecting broader market weakness among leading cryptocurrencies. On the hourly chart, XRP is currently testing the local support level at $3.4115. A daily close below this threshold could confirm a continuation of the correction phase, potentially driving the price down to the $3.35 range in the near term.
Technical indicators suggest that the recent false breakout above the resistance at $3.5495 failed to sustain upward momentum, leading to a retracement. This reversal highlights the challenges bulls face in maintaining control, as sellers are increasingly active around these key levels.
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Source: https://en.coinotag.com/xrp-faces-potential-further-correction-as-price-tests-key-support-levels/