$XRP Last week, XRP mainly moved in a sideways range. It faces resistance at $3.34, while support is at $3.11.
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Selling pressure on XRP is weakening.
According to data, the percentage of circulating XRP supply held on centralized exchanges has decreased in recent days.
Currently, it is at a monthly low - 5.66%, which is 3% less compared to August 9. This means fewer tokens are available for immediate sale.
For XRP, the decline to a monthly low indicates a weakening of selling pressure. This is important considering the current sideways trend of the token, as a decrease in liquidity on the sell side may create conditions for a short-term breakout.
Meanwhile, the liquidity and liquidation map of XRP shows a capital accumulation just above the current price, at $3.4. These capital clusters attract short-term bullish momentum as traders seek to leverage these liquidity zones.
Thus, this could pull XRP higher, triggering liquidations and executing orders.
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XRP Forecast: possible rise to $3.66:
Today's market decline has resulted in XRP trading around the support level of $3.11. Strengthening bullish sentiment could push the upward trend to $3.34. A successful breakout of this level will open up to $3.66.
If the support holding XRP's consolidation does not hold and the token falls below the channel, bearish momentum threatens to intensify. In this case, the price of XRP risks dropping below the important level of $3 and even testing $2.98 before stabilizing.
