The cryptocurrency market went crazy again yesterday! Are the crypto hodlers still steady?
It was only a matter of time before XRP gave joy to XRP’s hardcore investors, who saw a spike to the $ 1.70 price level just after the INTRADAY team published an article XRP would make a higher rise on May 18th.
Following yesterday’s trading opening, XRP continued to make lower declines all the way below the $ 1.0 price level!
On the XRP/USDT chart, the price has plunged more than 50% since reaching a high around the $ 1.97 level on April 14. That level is also the latest highest level ever recorded after 3 years.
The $ 1.0 price level will be the support level which is used as a signal zone whether the price will make a rebound or make a further decline.
If the price continues to make lower declines, the price level around $ 0.5 - $ 0.7 will be the next benchmark that needs to be tested. The previous level was a difficult resistance level to break in February and March trading before the price made a higher jump at the April market opening.
Crypto market analysts predict that the decline made by XRP and other cryptocurrencies is a correction in the current price movement of the market.
This can be seen in the XRP chart where the price has jumped over 800% since the opening of the market in 2021. So it’s no surprise for prices to make a 50% decline this month ahead of expectations of a more drastic rise.
Importantly XRP hardcore investors are still not at a loss as long as they do not sell their holdings despite having bought at a high price level.
