XRP has been a bit of a 'roller coaster' lately—its price has dropped nearly 5% in the past 24 hours, sliding from $2.254 to $2.164, and the key support line has also been breached. The overall drop this week is close to 9%. Although XRP has attempted several rebounds, sellers still hold the upper hand, and $2.20 has become an insurmountable 'high wall'. It seems that this market trend is a significant test of selling pressure for XRP!
XRP is facing huge selling pressure around $2.19
XRP encountered huge selling pressure around $2.19! During the period from 3 PM to 4 PM, sell orders suddenly surged, doubling the trading volume, and $2.19 became a 'seller's gathering spot'. Buyers struggled to push the price up to $2.179, but the good times didn’t last long, as XRP dropped significantly again in the early morning, hitting a low of $2.162. The price is now stabilizing around $2.164, with a support point near $2.147, which has been a battlefield where buyers have 'struggled to enter' multiple times. It seems that this wave of XRP still has to 'outsmart and outfight' the selling pressure!
Why is XRP's price stagnant?
This has to be discussed in the context of the larger market environment. There is a lot of uncertainty in the global economy, especially with the tense trade relations between China and the U.S., and central banks around the world are continuously sending ambiguous signals, causing investors to feel anxious. Additionally, the recent rejections of several crypto ETF applications have dampened enthusiasm for risk assets.
Analyst BullnChill mentioned that this strange combination of 'high volume and falling prices' often indicates that market sentiment is quietly shifting. Experts believe that this is primarily due to the cumulative effects of macroeconomic fluctuations, regulatory uncertainties, and the overall pressure on the crypto market. Now, everyone is holding their breath, wanting to see whether this is just a 'false alarm' or if XRP is about to make significant moves.
Although Ripple is working hard to promote the RLUSD stablecoin and is making strides in places like Dubai and Singapore, these efforts currently do not seem to have brought much 'heat' to the market, at least for the time being. In simple terms, XRP now feels a bit like 'revved up but not yet in motion'; what happens next remains to be seen!
What will happen to XRP's price next?
From a technical perspective, unless the market suddenly improves, XRP may continue to 'head down'. The hourly chart shows a descending channel, indicating that the downward trend is not over yet. In simple terms, unless the bulls can push the price back above the key support level of $2.20, XRP is likely to continue falling, and it may even test the lows around $2.10.
However, selling pressure has recently started to weaken, and the market has calmed down a bit, which may give XRP a breather. But the overall trend still leans bearish. The key lies in whether it can push the price back above the $2.20 line. If that doesn’t happen, XRP might have to wait a bit longer to rebound. In summary, XRP hasn't 'taken off' yet, and we need to patiently observe its performance!
