XRP (CRYPTO: XRP) tumbled alongside other leading cryptocurrencies Sunday night, dropping below the psychologically crucial level at $3.
XRP To Drop Further To $2?
The third-largest cryptocurrency by market capitalization was down over 4% in the last 24 hours, with trading volume surging 37% to $5.56 billion. XRP fell to an intraday low of $2.98.
Widely followed cryptocurrency analyst and trader Ali Martinez warned that XRP needs to recapture $3.30 to avoid a drop to $2.60 or possibly $2.
See Also: Bitcoin Sets New All-Time High At $124,000 As Record-Breaking Surge Continues
Sell Or Buy?
Meanwhile, the crucial Moving Average Convergence Divergence indicator, which compares two exponential moving averages of price, flashed a "Sell" signal for XRP, according to TradingView.
The average directional index, used to determine the strength of an asset's trend, also suggested a "Sell."
The Bull Bear Power indicator, which measures the strength of buyers and sellers, showed a "Neutral" reading.
XRP's speculative market still had a bullish bias, with over 77% of Binance traders positioned long as of this writing, according to Coinglass.
The Bullish Triggers
Price Action: At the time of writing, XRP was exchanging hands at $2.98, down 4.69% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin has surged 42%.
Photo Courtesy: mk1one on Shutterstock.com
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