The $2.7 support level in sight as XRP bulls fail to defend price above $2.99
Main Idea
XRP's price has dropped below the $2.99 support level amid a broader crypto market correction, with potential to decline further to $2.7, despite BDACS adding institutional custody support for XRP.
Key Points
1. XRP has lost over 2% of its value in the last 24 hours and failed to hold the $2.99 support level, trading around $2.95.
2. BDACS, a regulated crypto custodian in South Korea, has added institutional custody support for XRP, leveraging partnerships with major exchanges like Upbit, Coinone, and Korbit.
3. XRP could decline towards the $2.7 support zone if the bearish trend continues, with momentum indicators like RSI and MACD showing weakness.
4. The broader crypto market is undergoing a correction, with Bitcoin potentially dropping below $114K and Ether maintaining a price above $3,600.
5. If XRP recovers, it could test resistance levels at $3.29 or $3.40, depending on broader market support.
Description
The cryptocurrency market has continued its poor start to the week as Bitcoin, Ether, XRP, and other major cryptocurrencies underperform. Bitcoin could drop below the $114K level soon while Ether maintains a price above $3,600. However, Ripple’s XRP has lost over 2% of its value and failed to keep its price above the $2.99 support level. The coin could record further losses soon as trading volume shows selling pressure. BDACS launches institutional custody support for XRP XRP is recording losses...
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