XRP saw a significant decline of 4.5% over the last 24 hours, moving from $2.254 to a recent low of $2.164. This drop was primarily driven by increased selling pressure, which overwhelmed buying activity and caused the token to fall below critical support levels. Currently, XRP struggles against a $2.20 resistance point, as technical indicators suggest that a downtrend is firmly in place without signs of reversal.
Market dynamics also play a role in XRP's performance. Heightened macroeconomic uncertainties, particularly ongoing U.S.-China trade tensions, ambiguous central bank policies, and negative sentiment from recent ETF rejections, have affected risk assets. Traders are also monitoring Ripple's anticipated RLUSD stablecoin launch and regulatory progress in Dubai and Singapore, areas where Ripple's infrastructure is expanding. Nonetheless, these developments haven't provided meaningful support, with XRP’s value down nearly 9% for the week.
On the technical side, analysts indicate that a descending channel pattern is becoming evident in the hourly charts, serving as a bearish signal. Selling volume surged notably during the critical hours from 15:00 to 16:00, leading to an established resistance around $2.19. Attempts to recover failed shortly after, with XRP peaking briefly at $2.179 before sellers regained momentum.
Support levels have been identified around $2.147, and XRP is currently fluctuating in a tighter range near $2.164. Although volatility appears to be reducing, analysts advise caution and closely monitor the price action as XRP navigates these challenging conditions. Immediate resistance stands at $2.175, and unless buyers can reclaim higher ground, further declines towards the $2.10 zone could follow.
Traders should approach positions carefully, considering the current market sentiment and technical indicators before making new trades.
Market dynamics also play a role in XRP's performance. Heightened macroeconomic uncertainties, particularly ongoing U.S.-China trade tensions, ambiguous central bank policies, and negative sentiment from recent ETF rejections, have affected risk assets. Traders are also monitoring Ripple's anticipated RLUSD stablecoin launch and regulatory progress in Dubai and Singapore, areas where Ripple's infrastructure is expanding. Nonetheless, these developments haven't provided meaningful support, with XRP’s value down nearly 9% for the week.
On the technical side, analysts indicate that a descending channel pattern is becoming evident in the hourly charts, serving as a bearish signal. Selling volume surged notably during the critical hours from 15:00 to 16:00, leading to an established resistance around $2.19. Attempts to recover failed shortly after, with XRP peaking briefly at $2.179 before sellers regained momentum.
Support levels have been identified around $2.147, and XRP is currently fluctuating in a tighter range near $2.164. Although volatility appears to be reducing, analysts advise caution and closely monitor the price action as XRP navigates these challenging conditions. Immediate resistance stands at $2.175, and unless buyers can reclaim higher ground, further declines towards the $2.10 zone could follow.
Traders should approach positions carefully, considering the current market sentiment and technical indicators before making new trades.
