XRP Faces Price Decline

Ripple’s XRP is poised for a significant surge shortly, as indicated by a tweet from cryptocurrency analyst EGRAG Crypto.

Despite the current market challenges, many commenters on the post seem to agree with the analyst’s assessment.

While some remain optimistic about XRP’s short-term potential, others foresee the token facing potential losses of up to 50% before any upward movement. The current outlook for XRP is rather grim.

Recent market data reveals that XRP has been among the hardest-hit cryptocurrencies in the past 24 hours.

Within that timeframe, the altcoin’s value has plummeted by more than 13%, bringing its trading price to $0.5074.

This decline in XRP’s value coincides with a remarkable surge of over 110% in its trading volume. Consequently, the altcoin’s daily trading volume has reached around $3.08 billion.

Additionally, XRP’s struggles over the previous day have extended its negative performance for the week, with losses deepening to -19.33%.

On Wednesday, XRP’s value first lost support at $0.5890, and it experienced a significant drop of over 14% the following day.

This selling activity pushed the value below support levels at $0.5380 and $0.4715.

Sellers also attempted to breach the next critical support level at $0.4090, but bulls managed to defend this threshold.

This defense led to a minor recovery in XRP’s value, bringing it back above $0.4715, where it continues to trade.

Traders and investors should take note of the recent crossing of the 20-day EMA line below the 50-day EMA line.

This indicates that the medium-term momentum has shifted in favor of bears, suggesting the potential for further price declines in the upcoming week.