What to know:
- XRP has lost 4.5% in the last 24 hours, dropping from $2.254 to $2.164 as sellers dominate over buyers, resulting in a breach of important support levels.
- The cryptocurrency is currently encountering significant resistance at $2.20, with indicators suggesting a persistent downward trend.
- Market sentiment has been chilled due to macroeconomic volatility and recent ETF rejections, leading XRP to decline nearly 9% this week.
XRP’s recent price declines reflect the prevailing market pressures. The cryptocurrency tumbled 4.5% within a day, dropping from $2.254 to $2.164 as sellers overwhelmed buyers and forced it below critical support levels. It now faces mounting pressure at the $2.20 resistance mark, while technical signals continue to indicate a downtrend.
News Background
- XRP is experiencing intensified selling pressure fueled by increasing macroeconomic challenges.
- Ongoing trade tensions between the U.S. and China, unclear central bank policies, and the repercussions of ETF rejections are negatively influencing investor sentiment across risk assets.
- Traders are also keenly observing Ripple’s imminent RLUSD stablecoin launch and the regulatory advancements in Dubai and Singapore—markets where Ripple’s network is expanding.
- Nevertheless, these developments have yet to provide immediate support, leaving XRP down approximately 9% for the week.
- Analysts note a descending channel forming on hourly charts, a bearish sign, as volumes surged during resistance testing.
- If buyers cannot recover the $2.20 threshold, further declines towards the $2.10 mark may occur.
Price Action
The most significant selling pressure unfolded between 15:00 and 16:00, with transaction volumes more than doubling the daily average, fortifying resistance around the $2.19 mark. A momentary rebound later on briefly pushed the price to $2.179, but sellers swiftly regained control, leading to a significant drop at 02:01 down to $2.162, marking a continuous downtrend.
Support has consolidated near $2.147 as XRP hovers around $2.164, showcasing reduced volatility. High-volume activity around $2.19 has established resistance, while persistent selling volume implies potential stabilization in the near future.
Disclaimer: Portions of this article were generated with AI assistance and reviewed for accuracy and compliance. For full details, refer to CoinDesk’s policies.
