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Category: Crypto News, News

Why is XRP Price Still Crashing Today?

By Published On: June 12, 20242.1 min readViews: 1260 Comments on Why is XRP Price Still Crashing Today?

Despite outstanding fundamentals, XRP price has been going down in a market-wide crash. On June 11, Bitcoin price crashed to lower $66,000, resulting in a red day for almost all crypto assets. XRP experienced a 5.3% drop but has since recovered some of the losses.

XRP price hovered around $0.4811 during European trading hours on Wednesday, an 8.3% decrease in the past 7 days, as per CoinGecko. Based on the Bitcoin price prediction, it recovered some value from the recent drop and sat around $67,333 at press time, albeit a 5.2% decrease in the past week.

XRP/BTC Price Analysis: Bears Commandeer the Markets, is There Reprieve for XRP?

Following the gradual drop in the price of Bitcoin since June 6, XRP and other cryptocurrencies have been experiencing red days. After the initial drop from its previous high made in the February-March pump, XRP price retraced and entered a zone of consolidation, which later turned into a symmetrical triangle. These chart patterns have a 50/50 chance of breaking out on either side and are greatly influenced by market sentiment and fundamentals.

XRP’s relative strength index (RSI) has fallen to 32, suggesting it is nearing oversold levels. If it drops below 30, it would signal that XRP is likely due for a price reversal. Bearish market sentiment following Bitcoin’s crash resulted in the chart pattern resolving downward, causing XRP price to drop to $0.47. If bears persist, its price may drop further to $0.36. However, a key support level exists around $0.42.

Conversely, in an upward scenario, XRP price may find some resistance around $0.55, which, if the bulls beat, might result in the asset flying to $0.75.

Bitcoin price slid lower on June 11 and is currently scaling $67,000 and still within a consolidation zone. Good news from the FOMC meeting on June 12 may change the crypto market tides, resulting in upward movement.

XRP Price Future Outlook

The Senate committee has passed a potentially game-changing bill that might affect most cryptocurrencies, including Bitcoin and XRP. The bill contains a passage and provisions that would force crypto-based companies to KYC their users or face sanctions. 

The provision expedites the process of sanctioning such crypto companies, which include exchanges linked to users who support terrorist groups.

This bill may be crucial in the long run, as hackers often use Bitcoin and crypto as modes of ransom. 

Bottom Line

As Bitcoin and the crypto markets continue to bleed, interesting events are unfolding in the United States regarding crypto regulations. Investors await the FOMC meeting results on June 12 to know the next direction of the markets.

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