Ripple (XRP) has sharply declined, plunging below $2 amid a broader crypto market downturn.

After starting the month above $3, Ripple has dropped 35%, raising concerns among investors. If bulls fail to defend the $2.00 level, further losses toward the $1.88 could be imminent.

Ripple’s price has come under sharp selling pressure, dropping below the $2.00 psychological level as the broader crypto market downturn continues.

After trading as high as $3.00 at the beginning of the month, Ripple has dropped by 35%, fuelling concerns among investors. Technical analysis suggests that the next support level for bulls to defend is at $1.90, with more crucial support at $1.88 if the bears manage to break through.

Furthermore, the trading volume in Ripple has dwindled significantly from highs of over $40 billion to less than $8 billion, indicating a bearish sentiment towards the token.

The 21-day EMA has crossed below the 50-day EMA on the daily chart, forming a “death cross,” which usually bodes poorly for a security and could open the door for a double-digit decline.

The TD Sequential indicator has also signaled a sell on the daily chart, closing at eight, setting up a ninth green candle, which typically leads to further price drops.

If the bulls fail to defend the $2.00 psychological level, they might encounter resistance at the 21-day EMA and the 50-day EMA. A break above this range could propel Ripple toward the Fib 1.618 at $2.30, presenting a final point of defense before a deeper decline.

However, some experts believe that this correction presents a buying opportunity for Ripple enthusiasts ahead of a potential long-term rally.

Despite the steep correction, market experts remain divided on whether the tide will turn in favor of the bulls or if Ripple is poised for further losses. While some experts predict that the crypto could slump further, others foresee a strong rebound, possibly pushing the XRP price past the $5.00 mark in the coming months.

Investors will be closely watching to see if Ripple manages to break through the critical resistance at $2.30 and regain momentum to break free from its bearish grip.

Also Read: Is It Still Possible to Buy Bitcoin At A Good Price In 2024? Top Expert Weighs In

The post Ripple Price Drops Below Key $2 Level As Bulls Struggle To Defend