Ripple (XRP) crashes under 3 dollars – doom scenario of $ 2.40 on the way?

Ripple (XRP) has fallen by more than eight percent in the last 24 hours. The course dropped from 3.17 to 2.92 dollars, which broke the psychological level of 3 dollars. Although buyers are trying to recover at the moment, a further decrease seems inevitable.

Last chance for XRP Bulls

The sharpest decrease took place around midnight on August 1, when XRP lost almost three percent in just one hour. A trade volume of 259 million XRP was noted, almost four times the daily average of 65 million tokens. At the same time, more than 310 million XRP was taken from trade fairs, with an estimated value of nearly 1 billion dollars. That outflow points to accumulation, which is usually positive.

Yet the technical image looks downright weak. The day graph clearly shows that the XRP course has dropped below the important limit of 3 dollars. Buyers are now trying to find support in the same zone where a lot of commercial activity took place in July. But with the wider cryptocorrect in mind, that is a tough task. As long as XRP remains below 3 dollars, it is sentiment bearish.

In an earlier analysis, warning was already made: in a breakthrough of the 3 dollar border, 2.60 dollars comes into the picture as the next support zone. That is currently the most important price target.

Doom scenario on the arrival for XRP?

The resistance is currently around 3 dollars. As long as there is no convincing inflow of new capital, the chance of further decrease remains. If XRP is unable to return to this level in the short term, the image can quickly become gloomy. The price target of $ 2.60 already looks gloomy, but the weekly graph sketches an even weaker scenario.

Two things stand out. First of all, XRP has fallen back in an old, falling trading channel. If the current weekly Candle does not show any recovery within two days, the center of that channel – around $ 2.40 – will come into view.

In addition, we see a worrying signal in the form of a bearish divergence. While the race recently set a higher peak, the Relative Strength Index (RSI) took a step back. That points to decreasing force behind the rise – a classic bearish signal. The low trade volume of recent weeks underlines that negative sentiment.

In summary: as long as XRP remains below 3 dollars, further decrease is obvious. The first price target is the zone around $ 2.60. If that support also breaks, even $ 2.40 will come into the picture.