The cryptocurrency market is shading off some of its recent gains, with Bitcoin dropping below the $60k level for the first time in weeks.
The cryptocurrency market has been underperforming over the past few hours, with the prices of most coins down by more than 3% during that period. Bitcoin touched a new all-time high above $67k last week, but it has dropped below the $60k level for the first time in days following the recent market correction.
Ether was heading towards a new all-time high earlier this week after rallying past $4,200, but it is now struggling to stay above the $4,000 level. XRP is also recording huge losses at the moment and risks dropping below a psychological point if the market condition persists.
Binance Coin (BNB), Solana (SOL), Cardano (ADA), Polkadot (DOT) and Dogecoin (DOGE) are all trading in the red zone at the time of this report.
XRP price outlook
The XRP/USD 4-hour chart is looking bearish at the moment due to the recent losses recorded by the cryptocurrency. The MACD line has slipped into the bearish territory, while the RSI of 39 shows the coin is close to the oversold region.
XRP has dropped below its first major support level of $1.0789 and is currently trading around $1.03 per coin. The cryptocurrency could drop below the $1 psychological level over the next few hours if the current market momentum is maintained. XRP could drop towards the $0.94 level over the next few hours unless the broader market recovers.
However, if the bulls return and XRP rallies past the $1.0789 level, then it could challenge the first major resistance level at $1.1191 before the end of the trading day. An extended rally can happen if XRP gains support from the broader market.
In the event of a broader market rally, XRP could test Tuesday’s high of $1.15941 over the next few hours. In general, XRP’s performance would be tied to that of the broader cryptocurrency market as investors watch with interest.