- Trading under a negative impact, the Ripple token’s price movement remains sluggish.
- XRP suffered a significant 14% plunge, falling from $0.53 to $0.49 on June 7th.
Recent days have seen very unfavorable price movement in the cryptocurrency market, suggesting that gloomy sentiment has grown in the crypto industry. Additionally, leading cryptocurrencies exhibit the same pattern by registering a downward trend in their prices.
Trading under a negative impact, the Ripple token’s price movement remains sluggish. There has been a 4.08% decline in the price of XRP in the previous week.
Bears in Control
The price of XRP has soared to a weekly high of $0.53 by June 5, after a 5% increase at the beginning of the week. But after the non-farm payroll data arrived on Friday, June 7, it erased all of that progress. Due to which XRP suffered a significant 14% plunge, falling from $0.53 to $0.49.
The dominating market mood remains very negative, even if the XRP price has recovered and is back around $0.50 as of this writing. After failing to maintain a reading above neutral, the relative strength index (RSI) shows a precipitous decline towards its oversold zone, indicating that selling pressure has intensified.
In the following weeks, the $0.5340 resistance level will likely be retested by the Ripple price if the bulls retake control. The XRP token price is likely to fall towards its critical support level of $0.480 if bearish sentiment persists in the market.
If the price manages to go below this level then it will likely decline all the way till $0.42 support level. At the time of writing, XRP is trading at $0.4961, down 0.18% in the last 24 hours as per data from CMC.
