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XRP falls to its lowest point since Trump’s election victory, with potential to decline further to $1.00.
XRP has dropped to $1.44, marking its lowest point since November 2024, as the downturn in bitcoin contributes to a general risk aversion within the crypto market.
XRP declines to its lowest point since November 2024.
Key points:
- XRP has decreased to $1.44, its lowest price since November 2024, as bitcoin’s downturn contributes to widespread risk aversion within the crypto space.
- The cryptocurrency has dropped below significant support near $1.60, a previous demand zone from the sell-off in April, resulting in minimal technical support until the critical $1.00 mark.
- Options trading on Deribit indicates an increase in demand for downside protection.
The cryptocurrency XRP, which is centered on payments, is experiencing a rapid decline as bitcoin’s price drop leads to a broader sense of risk aversion in the market.
XRP has decreased to $1.44, the lowest it has been since November 2024 – the same month President Donald Trump secured victory in the U.S. election. Trump promoted pro-crypto policies aimed at creating a favorable regulatory environment for digital currencies. XRP is utilized by the fintech company Ripple for facilitating cross-border transactions.
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While the market initially reacted positively to Trump’s election victory, the uptrend soon stalled above $3.50, eventually reaching a peak of $3.65 in July of last year. Since then, XRP has been on a downward trajectory that has accelerated in recent weeks.
Support breakdown
The alarming aspect for bullish traders is that XRP now trades well below $1.60, a level where buyers had previously stepped in during the April sell-off to halt the decline. This support level, which was a significant demand zone, has now been breached, indicating that sellers are currently in control.
XRP’s weekly chart. (TradingView)
Currently, a significant gap exists down to $1.00, as the charts indicate minimal historical support or trading activity between the current price of $1.44 and this psychological barrier.
Bearish strategies
Traders appear to be preparing for a more extensive sell-off. Block trades on the prominent crypto options platform Deribit have shown increased interest in put spreads, a bearish approach, as well as strangles, which speculate on heightened volatility, over the last 24 hours.
Options are financial derivatives that grant the buyer the right, but not the obligation, to buy or sell the underlying asset at a specified price at a future date. A put option allows for selling and indicates a bearish outlook on the market, while a call option signifies a bullish perspective.
