The price of XRP (CRYPTO: $XRP) has fallen 4% in the past 24 hours as the rally in the popular %Cryptocurrency appears to be losing steam.
Notably, XRP’s price has dropped below the key support level of $2.30 U.S. amid heavy selling pressure. The cryptocurrency’s price fell as low as $2.28 U.S. over the weekend.
Analysts and chart experts say XRP’s price has now formed a double bottom, creating a resistance zone that was tested multiple times before retracing to $2.30 U.S.
Technical analysts point to critical support at the $2.25 U.S. level, with market watchers warning that a breakdown below that level could trigger a fall all the way to $1.90 U.S.
The selloff in XRP comes despite the broader crypto market rallying in recent days, with the price of %Bitcoin (CRYPTO: $BTC) hitting a record high above $111,000 U.S.
Investor sentiment towards cryptocurrencies appears to have improved as global trade tensions ease.
The price of %Ethereum (CRYPTO: $ETH), the second largest cryptocurrency after Bitcoin, continues to rally and is now up 43% from its lows seen in April of this year.
It is not clear why XRP’s price is slumping and moving in the opposite direction of the broader cryptocurrency market.
Some analysts are speculating that XRP is experiencing a selloff as investors and traders take profits after a big rally over the past year.
In the last 12 months, XRP’s price has increased 334%, outpacing most other cryptocurrencies.
