bullish

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Within hours, <a href="https://u.today/xrp-prediction-for-august-8" rel="noopener noreferrer nofollow">XRP</a> saw a 5% decline, indicating a rapid price loss. Investors and traders are keeping a close eye on this abrupt decline to determine the next move for the cryptocurrency. As it stands, there is still pressure on the price, and if the current trend keeps up, there could be more <a href="https://u.today/shiba-inu-shib-outperforms-ethereum-eth-in-12-months" rel="noopener noreferrer nofollow">drops</a>.
It is crucial to remember that XRP's recent movement is still regarded as a correction rather than a complete trend reversal in spite of this decline. In this case, a correction indicates that an asset is going through a brief decline within a general upward trend. This is typical in erratic markets where prices can move drastically in either direction in a short amount of time. <img alt="XRPUSDT" data-entity-type="file" data-entity-uuid="ab9fd806-9f6c-4f7e-907b-93eeec7bed3a" src="https://u.today/sites/default/files/inline-images/image_1083.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">XRP/USDT Chart by TradingView</a>
A crucial aspect to monitor is <a href="https://u.today/xrp-outperforming-bitcoin-solana-and-ethereum-combined-in-key-metric-in-korea" rel="noopener noreferrer nofollow">XRP's</a> ability to obtain assistance and initiate a comeback. A golden cross formation could occur if the asset is able to stabilize and push back up. When a short-term moving average crosses above a long-term moving average, it forms a golden cross, which is typically interpreted as a bullish indication.
This might result in a possible price rally for <a href="https://u.today/xrp-skyrockets-566-in-volume-amid-huge-ripple-win" rel="noopener noreferrer nofollow">XRP</a> and a resurgence of buying interest. But the correction may worsen and result in larger losses if the present downward pressure continues and XRP is unable to find a solid level of support.
XRP's ability to stabilize or maintain its decline will be determined by events over the course of the next several hours and days. Trades should be closely monitored for indications of a reversal and key support levels.
As long as the market is still unpredictable following the major crash, it is critical to keep calm and ready for any scenario. It will probably depend on the sentiment of institutional investors and the general sentiment among retail traders.

XRP Down 5% in Matter of Hours: What's Happening?

U_Today

Other articles published on Aug 9, 2024

Robinhood Relisting XRP Next?🚨Ripple Defeats Gary Gensler... Again🔥

SEC vs. Terra: The Biggest Crypto Settlement in History?

Top 5 Cryptos for 2024: BlockDAG, Memereum, EarthMeta, Tokero and Artemis Lead the List

US spot bitcoin ETFs see $192 million in inflows, ether ETFs lose $3 million

Trump Family Warns of Scammers Ahead of Planned Crypto Project

Ripple’s Partial SEC Win: ODL’s Future in Spotlight

Join our free newsletter for daily crypto updates!