Ripple (XRP), one of the most high-profile crypto currencies around the globe, took a drastic downturn yesterday. As growing macroeconomic tension took over the broader crypto markets on Tuesday, Ripple (XRP) saw a double-digit freefall, similarly to Solana (SOL) and Ethereum (ETH).
Key XRP Price Levels To Watch Out For
After hitting intra-day lows of $2.13 on February 25, 2024, XRP price started to pick up pace and whipped up 8% gains on Wednesday. However, XRP price peaked at $2.36 in today’s rebound efforts, leaving crypto traders with a dilemma in regards to Ripple’s (XRP) price direction.
Following the downward altcoin price movement, the general crypto market sentiment turned to extreme fear at 21, the lowest point in five months. The bearish momentum is also evident in technical charts, forming a rare Head ‘n’ Shoulders pattern.
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According to the popular crypto pundit Steph, the bearish Head ‘n’ Shoulders formation on XRP coin’s price would only invalidate the chances of a further downturn for Ripple (XRP) if the altcoin consolidates above $2.40.
SEC To Throw Away XRP Case Appeal?
Aside from the technical implications, the XRP Army is awaiting action by the U.S. Securities and Exchange Commission (SEC). According to former SEC official John Reed Stark, the potential move to get rid of the Ripple vs. SEC appeal comes as “yet another Gensler rebuke”.
Encouraging the XRP Army to “buckle up”, Mr. Stark went on to directly call out the former SEC chairman: “Sorry Gary — your last ditch effort to quarterback crypto-enforcement from the grave is failing miserably.” As of press time, Ripple (XRP) price is trading at $2.30, 10 cents below the major support area that would invalidate the bearish thesis.
On The Flipside
- The analyst has drawn the attention to a similar Crypto Fear & Greed Index drop below 25 in September, 2024.
- As noted by chart analyst Steph, XRP price soared over 500% after hitting similar levels of fear in September.
Why This Matters
Besides substantial institutional adoption, XRP is known as one of the old-timers in the alternative currency field, breaking a record in market capitalization this year at $190B.
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