XRP Price Plunges After Briefly Topping $1.7 Amid Market Correction

The price of Ripple (XRP) plummeted to $1.4819 on August 24, down from its recent high of $1.7 reached just two days prior. This sharp decline was triggered by a market-wide correction after Bitcoin's failed attempt to break through the $80,000 mark.

According to TradingKey, XRP had surged over 20% last Saturday (August 22) before stalling at $1.7 and then experiencing a rapid sell-off. This price action was attributed to high-leverage long positions that were triggered by investors trying to break even once the resistance zone of $1.7 was reached.

While some analysts believe that XRP may continue its upward momentum if the US Senate passes the Clarity Act in mid-September, others warn that a pullback is highly likely without new bullish catalysts. The first strong support level for XRP would be at $1.35-$1.4, corresponding to the 0.382 Fibonacci retracement level.