The crypto market corrected by 2.35%, dropping its valuation from $2.11 trillion to $2.05 trillion. Bitcoin broke its $60k support, hitting a low of $58,144. Ripple's XRP saw a strong reversal after Grayscale's XRP trust announcement, raising concerns over short-term prospects.
XRP faced rejection at its resistance trendline, dropping ~3% with a trading price of $0.5706. Despite a weekly gain of 7.16%, XRP's YTD return stands at -7.30%, signaling long-term bearish sentiment. RSI indicates increased selling pressure, while the SMA suggests mixed sentiment.
If momentum returns, XRP could retest the $0.630 resistance. However, sustained bearish pressure might drive the price to test $0.560, with a potential drop to $0.480 in coming weeks.
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