For the first time in years, XRP gained some massive momentum when it broke above $0.30 last month, with bulls sending its price rocketing as high as $0.90 on some exchanges before an influx of selling pressure sent it plunging lower.

This rally gave many embattled bag holders an ideal exit opportunity, with the new capital being siphoned in due to investors trying to gain access to the highly anticipated SPARK airdrop that took place this weekend.

It does appear that this was a “sell the news” event, as XRP’s price has been plunging lower ever since the airdrop snapshot took place. It is now in the process of breaking below its key $0.50 support level, despite the strength seen by the rest of the market.

This weakness has struck a heavy blow to its previously bullish market structure and may be emblematic of a wave of imminent selling as disappointed traders and investors move to take profits.

One trader is now noting that XRP is likely to go back to being the “worst-performing major alt” in the market unless there’s a catalyst for change.

XRP Struggles to Gain Momentum Despite Strong Market Conditions

At the time of writing, XRP is trading down just under 4% at its current price of $0.49. This is around where it has been trading throughout the past few days.

There was previously some support at $0.50 that stopped it from seeing any intense decline, but this support is quickly degrading and may not hold for too much longer.

The selling pressure is so intense that XRP is currently bucking an uptrend seen across the entire market, with BTC and ETH stable.

Fading Airdrop Hype Puts the Token in a Bad Position

Luke Martin, a popular cryptocurrency analyst and trader, explained in a recent tweet that he is expecting XRP to potentially go back to being the “worst-performing major altcoin” as its uptrend begins showing signs of faltering.

He notes that there needs to be another airdrop – or some catalyst – to shift the tides back into bulls’ favor.

“XRP is down 13% since the airdrop earlier this weekend was completed. Holders better hope for more airdrops or this could quickly become the worst performing major alt again.”

XRP

Image Courtesy of Luke Martin. Source: XRPUSD on TradingView.

Because there appear to be no imminent catalysts for XRP to see any further upside, there’s a strong possibility that further losses are imminent in the near-term.

Featured image from Unsplash.
Charts from TradingView.
1% deposit bonus on crypto in buyucoin

1% Deposit Bonus & Withdrawal Fees On Crypto Deposit in BuyUcoin

BuyUcoin giving 1% deposit bonus on crypto and reimbursement of crypto withdrawal fees for Indian user who have funds on banned crypto exchange. In the wake of the recent ban ...
Read More
Bitcoin ETFs

A Decade in the Making: US SEC Approves 11 Bitcoin ETFs, Igniting Market Enthusiasm

After years of anticipation and regulatory scrutiny, the U.S. Securities and Exchange Commission (SEC) has granted approval to 11 Bitcoin ETFs applications, marking a significant milestone in the cryptocurrency and ...
Read More
Will Bitcoin Price Increase 200% When Bitcoin ETF Is Approved?

Will Bitcoin Price Increase 200% When Bitcoin ETF Is Approved?

Everyone wants to know that bitcoin will Bitcoin Price Increase 200% When Bitcoin ETF Is Approved? We talk about the Bitcoin ETF, an important part in the cryptocurrency space. According ...
Read More

10 Must-Have Features on Bitcoin Staking Site

Crypto has provided many benefits for online gambling, and almost all relevant gambling sites now offer it as a payment method.  With so many gambling sites, players, especially those without ...
Read More
Christmas in the cryptocurrency world arrives early as the pre-holiday crypto market heats up

Christmas in the cryptocurrency world arrives early as the pre-holiday crypto market heats up

Happy Cryptomas to all of you! During the bullish state of the crypto market, margin-lending platforms and decentralised exchanges were the most often used DeFi protocols. Bitcoin is Up 167% so ...
Read More
Share with Others