A Volatile Week in the Cryptocurrency Market : Ripple’s XRP drops 26%
The cryptocurrency market faced a dramatic correction at the start of the week. Bitcoin saw a slump below the $95,000 mark, but Ripple’s XRP took an even harder hit, dropping over 26% from its peak on Sunday to a low of $1.96 on Monday. As of Tuesday morning, XRP has rebounded slightly to $2.15 but remains down 20% for the week. Discover the impact of Ripple’s XRP drops 26%.
XRP Loses Its Top-Three Status
XRP Slips to Fourth in Market Capitalization
Ripple’s XRP has been ousted from the top three cryptocurrencies by market capitalization. Now ranked fourth, XRP trails Tether (USDT) and leads Solana. Despite its recent struggles, XRP experienced a substantial rally following Donald Trump’s election win, gaining 457% between November 6th and December 3rd.
Why XRP’s Losses Outpace Its Peers
The current correction has hit XRP harder than other major cryptocurrencies, potentially due to a compensatory effect. XRP began underperforming last week, failing to capitalize on Bitcoin’s record high above $104,000. Follow the variation of XPR here
Has XRP’s Correction Reached Its End?
Key Support Levels and Indicators
Ripple tested and recovered from the $2 support level, which aligns with the 38.2% Fibonacci retracement of its November to December upswing. The Relative Strength Index (RSI) has returned to neutral after a prolonged period in the overbought zone, signaling that XRP’s correction may have concluded.
If recovery continues, bullish targets include $2.50, the recent high of $2.90, and the critical $3 level. A break below $2, however, could push XRP toward $1.50.
Ripple’s XRP drops 26% : A Market Pause for Future Gains
While traders exercise caution, particularly awaiting U.S. inflation data, the current market correction may set the stage for a stronger rebound.
The Rise of Wall Street Pepe ($WEPE)
A Bright Spot in the Crypto Market
Amid the correction, Wall Street Pepe ($WEPE) has emerged as a promising new token. Within three days of its presale, $WEPE raised over $3.5 million. Unlike many meme coins, $WEPE offers value through trading signals, exclusive data, and a staking program. Discover more on our article
