XRP has plummeted by over 15% as it breaks below the $0.50 mark in a downturn triggered by the convergence of several factors.
XRP has finally retraced to the levels before the favorable ruling in the Ripple case on July 13. This bearish turn of events occurred in the wake of a recent 15% collapse triggered by several factors, including developments in the lawsuit and market volatility.
XRP Breaks Below $0.50
Despite the correction immediately after the $0.9380 high on July 13, XRP retained some gains from the ruling-induced rally.
After losing the $0.80 mark later in July, XRP leveraged crucial support levels at $0.70. However, the asset finally lost the $0.70 level on August 4 after three consecutive days of persistent declines.
XRP had been holding onto $0.60 as its last line of defense since August 4. This defense has now succumbed to the bears. A 14% collapse yesterday was the final blow, as XRP broke below $0.50 for the first time in over a month.
Possible Triggers
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Source: https://thecryptobasic.com/2023/08/18/xrp-falls-15-below-0-50-here-are-3-main-reasons/?utm_source=rss&utm_medium=rss&utm_campaign=xrp-falls-15-below-0-50-here-are-3-main-reasons