 ▲ Ripple (XRP) |
Macroeconomic uncertainty triggered by a shocking U.S. jobs report has swept over the cryptocurrency market, with XRP (Ripple) failing to break through a key resistance level and plunging sharply, heightening investor anxiety.
As of March 7 (local time), according to CoinMarketCap, XRP fell 2.64% over the past 24 hours to $1.37. The decline was driven less by coin-specific issues and more by broader market selling pressure after shocking economic data revealed that U.S. nonfarm payrolls decreased by 92,000 in February. The total cryptocurrency market capitalization dropped 3.35% amid rapidly cooling risk appetite. Bitcoin (BTC) fell 4%, dragging major altcoins, including XRP, down with it.
In addition to macroeconomic headwinds, technical resistance further intensified the drop. Just before the sharp decline, XRP attempted to break through the strong resistance zone between $1.43 and $1.45 but repeatedly failed, losing upward momentum. As trading volume surged, the $1.411 support level collapsed, solidifying the short-term downtrend. Sellers seized full control of the market, pushing the price below $1.40.
XRP’s four-hour Relative Strength Index (RSI) currently stands at 37.77, indicating entry into oversold territory, though overall bullish momentum remains weakened. Experts note that with sellers dominating in the short term, the price must reclaim the $1.40 to $1.42 range—where the 20-day moving average is positioned—to signal a potential reversal.
The near-term direction of the market hinges on whether the critical support zone between $1.30 and $1.35 can hold. If buyers firmly defend this range, price stabilization could lead to a relief rally toward $1.40 and the 38.2% Fibonacci retracement level at $1.39. However, if macroeconomic uncertainty triggers another wave of large-scale selling and the $1.30 support breaks down, XRP risks plunging further to its next support level at $1.20.
Ultimately, XRP is facing significant downward pressure amid a challenging macroeconomic environment and technical breakdown. The key factors to watch over the next 24 to 48 hours are whether the $1.30 to $1.35 support zone holds and whether a surge in trading volume confirms a directional breakout, which will determine whether the current correction extends further.
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