๐ด
๐ฉ๐ The XRP price is going down mainly due to profit-taking by traders after a recent strong rally, high selling pressure from whales and insiders, technical resistance levels around $3.05 to $3.17, and broader crypto market weakness linked to macroeconomic factors like cautious sentiment ahead of Fed policy.
โ ๐Despite this, institutional interest remains, with whales accumulating XRP at current lower price levels, suggesting potential support around $2.94-$3.00.
โ ๐Short-term technical patterns also indicate bearish pressures that could push XRP lower to around $2.40, but breaking above key resistance could lead to renewed upward momentum.
๐๐๐๐ป Key Reasons for XRP Price Decline
โช๏ธAfter a strong rally with over 11% gains in early August, traders engaged in profit-taking, pulling prices down about 8% from recent highs near $3.60 to lows around $3.11 in mid-August .
โช๏ธLarge holders and insiders, including Ripple co-founders, sold significant XRP amounts, leading to increased selling pressure and panic among retail investors .
โช๏ธXRP has faced strong resistance near $3.05-$3.17, failing to sustain price above this range, triggering technical sell signals .
โช๏ธThe broader crypto market downturn due to external factors like concerns over U.S.
โช๏ธFederal Reserve policies and trade issues has also contributed to XRP's decline .
๐๐๐๐ปMarket Sentiment and Technical Outlook
โช๏ธTechnical analysis shows XRP in a bearish descending triangle pattern, indicating possible further drops to around $2.40 if support fails .
โช๏ธXRP is currently near a critical support zone at $2.94-$3.00, where institutional buyers (whales) are active, accumulating large volumes, which might stabilize the price and lay groundwork for a rebound .
โ ๐๐๐ If XRP can reclaim and close above $3.03-$3.05, some analysts project a bullish move toward $3.20-$3.35 and potentially higher price targets around $4.47 in the months ahead .
๐ง๐ฉ $XRP ๐ด ๐ข ๐ ๐ต ๐ฃ
๐ช๐ฆ #xrp ๐ฅ ๐ฉ ๐ง ๐ฆ ๐ช
