📉 Ripple drops 9% as China widens clampdown

Cryptocurrencies continue to trade under pressure amid incoming news from China. People's Bank of China summoned executives from largest Chinese lenders as well as some payments companies to highlight that cryptocurrency-related services are banned in the country. News came as more and more Chinese provinces act to limit or ban cryptocurrency mining.

Bitcoin deepens declines today dropping 6%. The most famous cryptocurrency is approaching the $30,000 mark for the first time in a month. Support zone ranging below $30,000 managed to halt declines back in mid-May but will it be the same this time?

Ripple is also taking a hit. The coin dropped around 9% today, following an almost 20% plunge yesterday. Ripple erased all of the recent bull run and trades over 70% below all-time high from mid-April 2021! The next major support zone, marked with previous price reactions, can be found over 30% below current market price, in the $0.38 area.

Source: xStation5