Ripple Token at Weekly Low: Bearish Sentiment in the Market $XRP
The price of XRP has reached a weekly low of $2.09 amid increasing bearish sentiment in the market. Key indicators suggest a possible continuation of the downward trend.
Selling Pressure and Bearish Bias
The ratio of long to short positions on the XRP futures market is 0.98, indicating a predominance of bearish positions. This figure has not exceeded one since April 22, reflecting sustained pessimism among market participants regarding the short-term prospects of XRP.
Support and Resistance Levels
At the time of analysis, XRP is trading at a support level of $2.03. If selling intensifies, the price could drop to $1.61. An influx of new demand could change the trend and push the price up to $2.29.
Conclusion
Bearish sentiment dominates the XRP market, supported by technical indicators. The risk of further decline remains.$BTC $ETH
