The price of XRP is in deep red territory, along with the overall crypto market.

At time of publishing, the third-largest cryptocurrency is down 7.80% at $0.2098, according to CoinGecko.

In the last 24 hours, XRP’s market cap has lost $790 million, from $9.87 billion down to $9.08 billion.

Analysts are now trying to trace the bottom for XRP, which has lost 19% of its value in the last week.

DonAlt tells his 124,000 followers on Twitter that XRP is now approaching a new level of support that dates all the way back to October of 2018.

“$0.30 was quite important, let’s hope $0.19 will be as well. The price action on XRPUSD is uncannily technical.”

Source: DonAlt/Twitter

Meanwhile, a fellow analyst known in the industry as Haraldo says XRP may begin to find buyers if and when it dips below $0.20.

The analyst says traders interested in holding XRP for the long term may be targeting an entry at the $0.16 mark.

“I think people who are interested in margin trading XRP wanted to get in at prices in the region of $0.33c but didn’t get chance.

Those who want to buy XRP tokens for long term are looking at the 16-20c range. And Bitcoin has a short $4.8k target x.”

The outlook aligns with a recent breakdown of XRP’s price path from Magic, who tells his 68,853 followers on TradingView that XRP may drop to $0.15 before its next bounce.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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