The post XRP Price Broke Down from Crucial Levels, What to Expect in the Next 24 hours? appeared first on Coinpedia Fintech News
Ripple prices have been adversely impacted by the current market conditions, which have turned largely bearish in the past couple of days. Ever since the Binance & FTX brawl began, the markets have remained highly consolidated, enabling the bears to take over the rally.
On the other hand, the Ripple vs SEC lawsuit is also gaining huge momentum as the market participants are agonizing over the recent developments. Hence, the XRP price has been negatively impacted and is testing the lower crucial support levels at the moment. Moreover, the asset is also flashing huge bearish signals, due to which the token may mark new monthly lows very soon.
As mentioned in the chart, the XRP price has reached its lowest levels in the past 30 days and may drop hard below those levels very soon. As the RSI is heading towards lower support, which may compel the price to plunge hard below $0.4 very soon. Meanwhile, the possibility of a rebound appears pretty low as the current market sentiment is largely bearish. Therefore, the price may remain within the consolidated range for a long time.
However, the market participants may expect a notable bounce as the funding rate is back within the positive ranges. The MVRV ratio has picked up good momentum as it surged from its lows.
Therefore, the positive funding rate may cause the XRP price to be placed within bullish levels, and a notable rebound could be set in place.