XRP Drops Below $2.30 Due to Significant Selling Pressure
Heavy trading has led to a decline in XRP’s price, with a drop below $2.30 amidst a backdrop of increased selling activity.
Key Highlights
- XRP saw a 3.46% dip in value over a 24-hour period, establishing a strong support at $2.297 during midnight trading hours, according to CoinDesk Research’s technical analysis.
- A sharp sell-off at 08:00 revealed a low of $2.280 with notable trading volume, reinforcing a double-bottom pattern.
- Despite Bitcoin achieving new all-time highs, market turbulence has caused a fall for XRP along with other key cryptocurrencies.
Current Market Landscape
Global economic uncertainties have placed pressure on cryptocurrency prices as XRP diminishes significantly. The US government’s recent announcement of proposed tariffs on EU imports has escalated market volatility.
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Technical analysts caution about critical support levels between $2.25 and $2.26, as a breach below could lead to even deeper price corrections.
Even in this environment, institutional interest persists. Volatility Shares has launched an XRP futures ETF, while inflows into leveraged ETFs have increased despite the price decline, suggesting ongoing accumulation on Wall Street’s part.
Technical Analysis Summary
- XRP exhibited a significant 3.46% drop, ranging from $2.361 to $2.303 within 24 hours.
- Major price movement occurred during the early hours, establishing a robust support zone.
- Increased volatility was observed with price touching new lows and subsequently rebounding.
External References
- XRP Price Watch: Consolidation or Collapse? (Bitcoin.com News)
- XRP Price Prediction for May 25 (CoinPedia)
- XRP Risks Fall to $1.55 If This Support Level Fails (NewsBTC)
Disclaimer: Parts of this article were generated with the assistance of AI tools. For full details, refer to CoinDesk’s AI Policy.
