The Decline of XRP: A Judicial Farce + Resonance Kill at Bitcoin's Key Level?
XRP fell today, but it's not really because of technical reasons—it’s about ‘confidence’ issues.
The settlement between Ripple and the SEC is still dragging on, and regulatory gray clouds loom large. Meanwhile, Bitcoin is approaching the crucial threshold of $105,000, causing volatility to ripple through the entire market.
As one rises, the other falls, and short-term buying pressure for XRP is beginning to wane.
The trading volume in the last 24 hours has increased by 19%, but it’s more about fragmented selling pressure rather than new money entering the market.
From a technical perspective, XRP is still operating within a rising channel, but the pullback that started around $2.6 has already hit the mid-line support area of $2.42~$2.35.
If it breaks down, the risk of returning to $2.2 or even $2.0 will significantly increase.
The RSI has dropped below the signal line; the overbought condition that surged above 70 a couple of days ago has now reversed into a ‘bear divergence.’
My view:
To remain bullish, it must hold above the resistance lines at $2.51 and $2.60 to have a chance at challenging $2.8.
If it can’t even maintain $2.35, we might see another wave of emotional selling.
What do you think about this decline?
Is it a short-term consolidation or is there a fundamental issue? Let’s discuss in the comments.
