7th April 2025 marks another dipping phase for the most newsworthy coin, XRP. After the SEC vs XRP scandal, the coin has always been in the news. In the meantime, the XRP ETF approval was also imminent. However, the SEC hasn’t clarified their stance on that.
If you want to know what happened today, the news may not make you happy. After a fresh slump, XRP is down below the $2 mark. As a result, the coin breaks the support level that it was holding onto, for several weeks.
XRP falls Below Baseline
There were high hopes about XRP as the new quarter started. However, it seems that coin couldn’t live up to the expectations of the investors. On 7th Apr, XRP price fell below $2.
It was projected by investors that XRP would settle at $2.050 and would probably take off from there. But that is not happening. At least the current stances say that.
Now XRP’s position is different from Bitcoin and Ethereum. Both coins suffered a fresh slump.
Was The Fall Expected?
Almost all investors were happy about the bullish trend around the XRP price. However, technical analysts projected that there was a break underneath the bullish line, which caused the peril in the end.
There was a support line at $2.12, as the hourly chart of the XRP/USD pair shows. And we all know that a coin may easily slump below the support as much as it may rise above and attain the higher resistance level.
What’s The Price Now?
Currently XRP price is $1.850. The market expects that the price could face a retracement level. The major resistance is visible at $1.880. It is inching towards the 23.6% Fib retracement level of a downward move from a staggering high of $2.16 to a major low of $1.79.
