The price of XRP is in deep red territory, along with the overall crypto market.
At time of publishing, the third-largest cryptocurrency is down 7.80% at $0.2098, according to CoinGecko.
In the last 24 hours, XRP’s market cap has lost $790 million, from $9.87 billion down to $9.08 billion.
Analysts are now trying to trace the bottom for XRP, which has lost 19% of its value in the last week.
DonAlt tells his 124,000 followers on Twitter that XRP is now approaching a new level of support that dates all the way back to October of 2018.
“$0.30 was quite important, let’s hope $0.19 will be as well. The price action on XRPUSD is uncannily technical.”
Meanwhile, a fellow analyst known in the industry as Haraldo says XRP may begin to find buyers if and when it dips below $0.20.
The analyst says traders interested in holding XRP for the long term may be targeting an entry at the $0.16 mark.
“I think people who are interested in margin trading XRP wanted to get in at prices in the region of $0.33c but didn’t get chance.
Those who want to buy XRP tokens for long term are looking at the 16-20c range. And Bitcoin has a short $4.8k target x.”
The outlook aligns with a recent breakdown of XRP’s price path from Magic, who tells his 68,853 followers on TradingView that XRP may drop to $0.15 before its next bounce.