XRP and the aggregated crypto markets incurred a massive influx of selling pressure earlier today that led prices to face a steep sell-off, with the latest leg down being catalyzed by Bitcoin’s drop to below $7,000.
Bitcoin’s bearish price action instantly sent shockwaves across the crypto markets, with XRP facing a large drop that has put it in jeopardy of targeting its next key support region at $0.19, according to one prominent analyst.
XRP Sets Fresh Multi-Year Lows Amidst Widespread Market Sell-Off
At the time of writing, XRP is trading down over 5% at its current price of $0.23, which marks a notable retrace from its daily highs of just under $0.25 that were set prior to the sell-off that occurred early this morning.
XRP has been caught in a firm bear trend for the past two months, which was first sparked when it failed to decisively close above its previous resistance level at $0.30, which was later perpetuated by the downwards momentum that Bitcoin has faced since it hit highs of $10,600.
Because BTC has been able to find any strong buying pressure in the time since it hit these highs, the aggregated crypto markets have been facing increasing instability, with most major altcoins erasing much of the gains that they incurred throughout the early part of this year.
XRP has been particularly affected by this market instability, however, as it was not able to incur any upwards momentum throughout the first half of 2018, which means that this latest sell-off has sent the crypto to fresh post-2018 crash lows.
In the near-term, analysts do anticipate the embattled crypto to see further losses, with one prominent cryptocurrency analyst telling his followers that he is currently watching for a movement down to XRP’s next key support level at $0.19.
DonAlt mused this possibility in a recent tweet, saying:
“$XRP update: $0.30 was quite important, let’s hope $0.19 will be as well. The price action on XRPUSD is uncannily technical.”
Furthermore, DonAlt also referenced a chart in the same tweet that shows the three key resistance levels that lie above XRP’s current price level, with one existing at $0.30, one at $0.52, and one at $1.00.
In order for the crypto to touch these levels, there will have to be a major shift in the aggregated crypto markets, as the current widespread bearishness will likely hamper any future bullishness.