Ripple price has dropped by about 10% in Friday’s session as the market continues to react to China’s crackdown on crypto mining. The downtrend has reduced XRP’s market capitalization to $28.47953 billion. This is a significant drop from its highest market cap of $83.44071 billion.
Besides, Ripple price is feeling the heat as the selloff of Grayscale Bitcoin Trust shares is expected to exert pressure on the crypto. The expiry of the six-month lockup period, coupled with reduced demand from institutional investors, further supports the bearish outlook. In the ensuing sessions, the focus will be on whether the crypto market rebounds as more investors ‘buy the dip’.
XRP technical outlook
Ripple price is up by 0.01% at 0.6236. The crypto has erased its previous gains after hitting an intraday high of 0.6906 on Thursday. Since last Friday, it has declined by about 25.88%. In today’s session, it has dropped by close to 10%. On a four-hour chart, it is trading below the 25 and 50-day exponential moving averages.
I expect Ripple price to find resistance along the 50-day EMA at 0.6868. Above that level, the next target will be at 0.7814. On the flip side, the crypto may drop to find support at the psychological level of 0.6000. A move below that point will place the support level at the month’s low of 0.5129.
Ripple price chart
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