- XRP price is trading at $2.16 after a 28% drop in volume, as panic spreads over a record-breaking leak of 16 billion passwords.
- The leak poses a serious threat to crypto wallet security, raising FUD in the market.
- A descending triangle pattern forms, with key support at $2.10 and resistance near $2.50, hinting at growing bearish momentum.
The XRP price is trading at $2.16 after a 28% drop in volume, as panic spreads over a record-breaking leak of 16 billion passwords
The price of XRP has decreased by a fraction in the last 24 hours, trading at $2.16, as its trading volume has tumbled 28% to $1.8 billion.
This price drop comes after a massive data leak has exposed 16 billion login credentials from tech giants like Google, Facebook, and more.
This cyber heist, dubbed one of the largest ever, has sent shockwaves through the digital world, with crypto enthusiasts now on high alert.
How will the Ripple token price react to this news?
XRP Price Remains Bearish, Passwords Leak Triggers Panic
The XRP price action shows XRP hovering near $2.3720, with a recent dip reflecting the market’s jittery response to the leak, as per GeckoTerminal.com data.
A descending triangle is taking shape, with a flat support line holding firm at $2.1000 and a downward-sloping resistance trendline hitting lower highs around $2.5000.
Currently, the market is in a stalemate, with sellers pushing the price down against solid support. The price range is tightening, so we should expect a significant move either up or down.
If XRP breaks above $ 2.50, we’re looking at bullish momentum, potentially reaching higher resistance levels. However, if it drops below $ 2,100, selling pressure could kick in.
Volume trends and market sentiment, along with ongoing security concerns, will dictate the direction.
Meanwhile, the 200-day Simple Moving Average (SMA) at $2.3798 marks a critical juncture. A drop below could lead to a bearish move toward the 50-day SMA at $2.031.
The Relative Strength Index (RSI) at 44.99 is neutral, not yet oversold, but that could change quickly if FUD (fear, uncertainty, doubt) intensifies.
Moreover, the MACD indicates a slight bearish crossover, suggesting further downside pressure for the Ripple token unless buyers step in.
This leak’s a game-changer for the price of XRP, especially since Ripple’s all about cross-border payments and security. With 16 billion credentials up for grabs, including potential access to crypto wallets, traders are bracing for a sell-off.
In the short term, expect the XRP price to test the $2.031 support level if the panic persists. A bounce above $2.5000 could signal a bullish reversal.
Long-term, XRP’s fundamentals remain solid, but this security scare might delay its climb past $3.0000. If Ripple ramps up its security game, it could turn this FUD into a buying opportunity.
