XRP Falls 3%: A Bounce Back in Sight?

Key Points:

• XRP falls 3% to $0.49 but shows resilience 
• Bitcoin has not helped as it struggles to gain momentum 
• XRP is trying to regain momentum and reclaim the support level 

XRP has succumbed to selling pressure, falling 3% to $0.49 in the last 24 hours and retesting the level from which it recently broke out. With this popular crypto now fighting to reclaim the $0.50 threshold, XRP bulls are hardly licking their wounds and continue to hold the line. 

XRP Traders Wrestle With Support 

Traders observed XRP facing heavy resistance and predicted it could retrace before breaking out again. They were right, as XRP let the $0.50 support slip away from under it. However, it has not stayed down for long and is trying to retake that critical support level, with volume hovering at $1.6 billion. 

XRP has not received much help from Bitcoin, which has failed to rally and reclaim the $30,000 level. However, technical analysts are not backing down from their forecasts and see XRP $0.658 within reach in the coming weeks. XRP bulls consider the pullback a buying opportunity before the next rally.

Elon Musk’s Meme-Coin Effect 

XRP investors were sidelined when Elon Musk sparked a rally in Dogecoin. Musk on Monday replaced the iconic Twitter blue bird logo with an image of a Shiba Inu dog, the mascot for the meme coin Dogecoin. That sent the DOGE price soaring some 30% in 24 hours. 

Musk can move markets, including Dogecoin. The billionaire is the target of a lawsuit alleging that he was part of a scam that catapulted the DOGE price up some 36,000%. His attorneys are attempting to have that complaint dropped. 

Musk is no stranger to court battles and does not appear to be fazed, most recently tweeting a meme with a Shiba Inu in the driver’s seat of a vehicle amid the Twitter logo change. Meanwhile, XRP investors wonder when Musk will do the same with the XRP logo. They might be waiting a while, as Musk’s crypto portfolio is limited to Bitcoin, Ethereum, and Dogecoin.