$XRP
is facing increased bearish pressure, with its price declining to $2.36, marking a 2.03% drop amid legal uncertainties and bearish market sentiment.
Key Developments:
Legal Setbacks: Judge Analisa Torres rejected a joint motion from Ripple and the SEC, delaying potential settlement and ETF approval, contributing to market uncertainty.
Market Sentiment: Open interest has fallen below $5.5 billion, indicating reduced investor confidence. The Binance long/short ratio is below 1.0, suggesting a majority of traders are holding short positions.
Technical Levels: XRP is testing key support at $2.31. A break below this level could lead to further declines toward $2.10.
In summary, XRP's price is under pressure due to legal challenges and bearish market indicators. Traders should monitor support levels and market developments closely.