XRP Price Drops to $1.32 as Altcoin Momentum Eases
Ripple (XRP) price dropped by 3% to $1.32 over the past 24h as altcoin momentum eased, underperforming a slightly weaker broader market.
The token is still trading below the cryptocurrency analysts’ target price set between $145. to $1.60, suggesting significant upside for investors who buy the dip.
Price retreated from climbing further due to a technical rejection at key resistance and a lack of positive catalysts. Trading volume is down 8% to $1.69 billion after a strong bets seen the previous day.
A slew of crypto analysts confirmed that XRP retreated on technical rejection and altcoin weakness, as price failed to break the $1.3550 resistance and faces sector-wide capital rotation.
Based on trading signals, XRP’s price was rejected at the $1.3550 resistance level, which aligns with the 78.6% Fibonacci retracement at $1.35.
This failure triggered a pullback below the 100-hour Simple Moving Average. Concurrently, the broader altcoin sector is under pressure, with the Altcoin Season Index falling 38% over the past week to 32, signalling capital rotation away from riskier assets.
The sell-off is more about technical structure and sector sentiment than a specific negative event for XRP. Technical traders said a sustained break above $1.3380 to signal regained bullish momentum.
A review of market reports indicated that there was no major negative news or catalyst for XRP visible in the data over the past 24 hours.
However, underlying concerns persist, including data showing over 50% of XRP’s circulating supply is held at a loss and spot ETF outflows earlier in March.
The absence of a fresh negative catalyst suggests the price drop is an extension of existing bearish sentiment and positioning.
The immediate trend is neutral to bearish within a defined range. Key support sits at $1.3080 and the psychological $1.30 level, which buyers have defended.
Investors anticipate that the ongoing XRPL Japan conference could provide a narrative catalyst. If support holds, a retest of $1.3380 resistance is likely.
A breakdown below $1.30 could see a swift move toward the recent swing low near $1.28. The market is in a consolidation phase, awaiting a decisive break from the $1.30–$1.3550 range. Bitcoin Climbs 4% to $70k on Renewed Investors Optimism
