The cryptocurrency market has seen a massive drop in prices in recent trading sessions. Global market capitalization, which recently hit $ 3 trillion, is back to $ 2.36 trillion at press time. In fact, the entire market has fallen nearly 14% in the last 24 hours alone.

At the time of the analysis, XRP was one of the hardest hit assets. After losing nearly a third of its value that day, trading at $ 0.8 at press time.

Levels important to follow

Right now, despite several key levels of support, XRP is in a pretty tough position. The first is the 78.6% Fibonacci (about $ 0.7). The other level is all the way down at around $ 0.50.

Looking at the chart, XRP fell as low as $ 0.6 today. However, it rebounded quickly and is currently clinging to the support at $ 0.7071.

If the broader market and other large-cap coins continue to fall in price in the coming hours, it is very likely that bears will break this level. Accordingly, XRP will continue to decline. In addition, the 100% Fib extension will be the next major support for XRP.

The source: TradingView

Some indicator conflict awaken hope

Despite the falling price, one of the network-related indicators of XRP continues to give a positive forecast.

Bullish or buy signals on the DAA price divergence chart are pretty prominent at the time of writing. This is a commendably optimistic sign as it represents an increased number of active addresses in times of falling prices.

The source: Mood

Still have to be careful

However, the MVRV rate has dropped sharply in the last few hours. In fact, the current level is quite similar to May this year. This basically shows the negative sentiment from HODLer XRP.

During this phase, market participants drown in fear. No wonder with the numbers mentioned.

The source: Mood

It will certainly take time for investor sentiment to change and the market to recover. Until that happens, XRP must stay above the support level.

If the bulls try to surface and make a drastic move in the next few hours, price will have a chance to return to $ 0.85. Otherwise, it will stagnate in the $ 0.7-0.8 range or drop to as low as $ 0.51.

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