XRP (CRYPTO: XRP) deepened its decline Thursday as cryptocurrencies tumbled amid growing macroeconomic uncertainty.
XRP Sees Heavy Sell-Off
The fourth-largest cryptocurrency by market capitalization slid over 5% over the last 24 hours, while a 40% surge in trading volume indicated heavy selling pressure.
XRP's 24-hour losses exceeded those of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). The $9 billion asset was down over 10% in a week. Stronger-than-expected economic data dashed interest rate cut hopes, sending stock and cryptocurrencies lower.
Meanwhile, XRP’s open interest dropped 1.79%, with roughly $1.5 billion in futures contracts wiped out in the last seven days, according to Coinglass.
See Also: Ripple (XRP) Price Prediction: 2025, 2026, 2030
When Will XRP Rebound?
Widely followed cryptocurrency analyst and trader CasiTrades projected a potential low at $2.715 for XRP.
"This is the bottom trendline of the consolidation and, importantly, would still not make a new low in the correction," the analyst stated.
According to TradingView, XRP’s Relative Strength Index traded close to the oversold level, indicating that there is room for further drop before a move up.
Meanwhile, the Bull Bear Power indicator, which measures the strength of buyers and sellers, showed a “Neutral” reading for the coin.
Price Action: At the time of writing, XRP was exchanging hands at $2.75, down 4.30% in the last 24 hours, according to data from Benzinga Pro.
Photo: Stanslavs on Shutterstock.com
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