XRP price falls 5% amid intense selling pressure in the market, XRP price has fallen 4.5% in the past 24 hours, falling from $2.254 to $2.164, during which sellers dominated buyers and broke key support levels.
The token is now facing pressure at the $2.20 resistance level, where technical indicators are pointing to a continued bearish trend.
The overall market situation has been affected by macroeconomic uncertainty and recent ETF rejections, which has led to XRP losing nearly 9% over the week.
The US-China trade dispute, conflicting central bank policies and ETF rejection have added to negative sentiment towards risk assets. Traders are also closely watching Ripple’s upcoming RLUSD stablecoin launch and regulatory developments in Dubai and Singapore, where Ripple’s infrastructure is rapidly expanding.
However, despite all these developments, no significant improvement has been seen in the short term, Technically, a descending channel has been observed on the hourly chart, indicating a continued bearish trend, The increase in volume was particularly noticeable between 15:00 and 16:00, when volume doubled the daily average and the price stabilized at the resistance of $2.19.
After a brief recovery, the price reached $2.179 but sellers quickly took control. Another volume increase at 02:01 in the late hours of the night resulted in a further decline to $2.162, which is a new low and continues the downtrend. Current support is around $2.147 where buyers have repeatedly emerged.
If buyers fail to regain the $2.20 level, the price could fall further to near $2.10. Short-term consolidation is expected due to the decrease in volume, however, overall market sentiment and technical indicators are still pointing to the downside.
This is a news, this is an analysis, this is not financial advice from the post, if you want to invest in the crypto market, then do a thorough research first, then buy.
