Ripple's XRP Price Plummets 9% This Week Amid Market Downturn

The cryptocurrency market has been experiencing a downturn this week, with the price of Ripple's XRP token leading the decline. According to data from TradingView, XRP has dropped 9% in value over the past seven days, resuming its downtrend after three months of sideways movement.

The current downtrend is on a collision course with the $1 support level, which has not been tested so far this year. This level is considered key by analysts, and its breach could lead to lower lows in the future. Buyers will need to become attracted to XRP again for the price to recover.

Technical indicators also suggest continued downward pressure on the market. A bearish cross has appeared on the 3-day MACD chart, confirming the downtrend and encouraging sellers to take positions. The last attempt by buyers to break out of the pattern mid-May turned into a 'bullish trap,' with XRP plummeting since then.