XRP's Price Is Currently Down by More Than 9%, Trading at $1.78

This downturn aligns with the broader market's struggles, where major cryptocurrencies are also facing declines due to ongoing tensions in the US-China trade war.

R.I.P. to anyone's hopes for a swift recovery in crypto prices. As major cryptocurrencies continue to bleed in tandem with the broader market, XRP’s price slid by more than 9% in the past 24 hours.

At press time, XRP was trading down at $1.78.

As the stock market slid throughout the day, growth stocks and the broader market struggled. This downturn had a knock-on effect on crypto prices, especially considering that Bitcoin (BTC) often moves in step with the S&P 500, at least in the short term.

With Bitcoin struggling to maintain gains above $11,000 and slipping back below this key resistance level, crypto prices followed suit.

In other news, it was reported yesterday that Ripple had acquired a prime broker.

However, despite this positive development for the project, short-term price movements for XRP are still heavily influenced by Bitcoin’s performance.

Stock market weakness, which was largely anticipated by market analysts, may continue to put pressure on risk assets like cryptocurrencies.

XRP Struggles with Key Levels

Crucially, XRP failed to reclaim the $1.95 to $2 level, which remains a significant resistance zone.

While it’s possible that XRP may eventually push past this level, it largely depends on Bitcoin’s performance, as XRP’s correlation with BTC remains strong at 85%.

After yesterday’s rejection from $1.95, XRP dropped to a local support level around $1.75, where it has managed to hold steady, showing some volume support at this price point.

Short-Term Retracement and Support Levels

In the short term, XRP is retracing and approaching a key support level between $1.74 and $1.75.

While it’s possible to see a bounce from this support zone, the overall trend remains bearish as lower highs and lower lows continue to form within a descending parallel channel.

Over the past 24 hours, XRP faced rejection at a previous support level now acting as resistance. This shift from support to resistance is a clear bearish indicator, reinforcing the overall downward trend in price.

Downside Price Targets for XRP

The key downside targets for XRP include the $1.60 range and the $1.74-$1.75 support zone. Traders should watch these levels closely as potential points for further price action or reversals.