XRP faces the resistance close to 2.70 dollars.
News in the artificial intelligence industry caused the collapse of cryptocurrencies.
XRP suffered a fall greater than 10% in the last 24 hours and its price returned to price levels prior to the assumption of Donald Trump as president of the United States.
This setback occurred after the launch of the Deepseek, a new artificial intelligence development (AI).
The model of the company of China, which operates with less advanced chips than its competitors, generated doubts about the usefulness of NVIDIA and other leading companies in the sector, which caused a collapse in their actions. The fall in indexes such as the S&P 500 and the Nasdaq unleashed a bearish feeling that extended to the digital asset market.
As Cryptooticias reported, after this launch, The market was dyed red and bitcoin (BTC) and several cryptocurrencies and top 100 tokens per market capitalization registered falls greater than 20%.
In the case of XRP, its price passed from 3.27 dollars at 2.77 dollars in the last 24 hours, which represents a fall greater than 15%.
Currently, the price of the Ripple Labs cryptocurrency is $ 2.76, as seen in the following graph of TrainingView.
In this way, the cryptocurrency issued by Ripple Labs lost the support that had been formed in the 3 dollars and now struggles to stay above the level of $ 2.70.
As explained in cryptopedia, educational section of cryptootics, Support and resistance are key concepts in technical analysis of financial markets.
The term support is used to define a kind of soil with which an asset clashes to bounce or stabilize.
On the other hand, it should be noted that resistance is a price level that an asset fails to overcome easily. It also happens, As can be seen in the previous graph, that the levels that were once resistances, then become supports (and vice versa).
However, and despite the appearance of a great red candle, There are plenty of reasons for XRP investors to maintain their upward expectations.
First, the arrival of Donald Trump to the presidency of the United States and the changes in the stock exchange and values are good news for the digital asset market.
Gary Gensler’s exit at the head of the SEC could bring A resolution favorable to the legal dispute that Ripple Labs maintains with the regulatory entity.
In addition, a possible more favorable approach to cryptocurrencies under the Trump administration could be the key to approveing the funds quoted in the stock market (ETF) based on XRP. As cryptootics has reported, Six companies submitted their requests to list these financial products.
The possible approval of the ETF will allow the asset to win more visibility among traditional investors, who can access XRP without the need to buy it directly.
Also, we must not lose sight of Ripple has just launched the RLUSD marketa stablecoin that has parity 1: 1 with the US dollar and is emitted both in Ethereum and XRP Ledger.
This is important because RLUSD is successful, the number of operations within XRP LEDger will increase and, as a consequence, there will be greater demand for XRP for the payment of commissions. These movements would generate a bullish impulse in their price.
