The price of XRP (CRYPTO: $XRP) has fallen 3% over the last 24 hours amid heavy selling pressure from both institutions and retail investors.
Analysts warn that there could be more near-term downside for XRP after the digital asset dropped below the key support level of $1.40 U.S.
The drop in XRP’s price comes amid a rotation by investors out of altcoins and weak demand for smaller cryptocurrencies.
• Ripple, The Company Behind XRP, Is Valued At $50 Billion
As a result, XRP has declined from $1.44 U.S. to $1.38 U.S. over the past day, breaking below the $1.40 U.S. support level.
Looking ahead, analysts say that XRP must quickly reclaim $1.40 U.S. or risk a slide even lower in coming days.
The next support level for XRP is at $1.31 U.S., a level the cryptocurrency hasn’t been at in months.
Crypto prices are once again sliding lower along with equities as a resolution to the Iran war appears less likely, and as crude oil prices continue to rise.
Bitcoin (CRYPTO: $BTC) is currently trading at $76,100 U.S.