$XRP experienced $4.43 million in futures liquidations over the past 24 hours, according to Coinglass data. Liquidated long positions totaled $3.44 million, while short positions accounted for $0.9 million.
$XRP could see a drop to $1.96 if it falls below the $2.34 support level and the upper boundary of its descending channel. However, if XRP can push above the 50-day Simple Moving Average (SMA) and the $2.78 mark, it could target its seven-year high resistance at $3.40.
The Relative Strength Index (RSI) is currently testing its neutral zone, and the Awesome Oscillator (AO) has displayed a red bar above its midline, signaling a decrease in bullish momentum.
A daily candlestick close beneath $1.96 would negate this outlook and could potentially drive XRP down to $1.35.
Since bouncing off the upper boundary of its descending channel last Wednesday, $XRP has been consolidating. Following the news that the SEC dropped its appeal against Ripple, XRP briefly surged but faced rejection at $2.60. It found support at $2.34 but has struggled to rise above the 50-day SMA since then.
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