XRP, valued at $2.19, experienced a 2.71% decline over the last day, continuing its downward trajectory as seller activity overwhelmed buyer interest. Currently, it trades at $2.20 after breaching critical support levels, marked by a descending channel that defines recent price movements. A notable volume spike of 1.2 million units foreshadowed this downturn, indicating a rush among traders to liquidate positions amidst diminishing market confidence. The token's market cap has dropped by $6 billion during this period, contributing to a weekly decline of 9.11%, highlighting ongoing challenges in sustaining upward momentum amid global market fluctuations.
Ripple’s XRP remains influenced by various developments, both fundamental and technical. The company is focused on integrating into traditional finance rather than outright replacement. Projects such as RLUSD (Ripple's stablecoin) and the acquisition of Hidden Road are seen as strategic moves to bolster XRP's role in cross-border transactions. Furthermore, Ripple's collaboration with UAE regulators on tokenized real estate showcases its efforts in expanding its global footprint.
In recent news, China-based Webus submitted a proposal to the SEC, intending to raise $300 million, indicating plans for a strategic reserve in XRP. Technical analysis from CoinDesk Research highlights strong resistance between the $2.265 and $2.270 range, where several breakout attempts have failed, backed by elevated volume that confirms seller control. There has been some support identified in the $2.10-$2.15 area, but a decline in momentum suggests this level is at risk if selling pressures continue.
While the bearish environment prevails, there are potential bright spots. Analysts observed a double bottom pattern as the price bounced back to $2.208 with increasing volume, possibly hinting at short-term accumulation. Open interest rising above $4 billion reflects increased market liquidity, offering possibilities for a short squeeze should the mood shift positively. Still, caution is necessary as an inverted V-shaped pattern on XRP’s daily chart signals a move from buying enthusiasm to intensified selling activity.
In the last 24 hours, XRP fell from a peak of $2.269 to a low of $2.190. The established descending channel indicates a prevailing bearish trend, reinforced by significant resistance at $2.265-$2.270 where multiple rejections have occurred. Support remains tentative at the $2.202-$2.205 level, but current momentum suggests vulnerabilities that could lead to further declines. An observed breakdown below $2.204-$2.206 occurred alongside increased trading volume, intensifying the selling pressure. Despite this, the formation of a possible double bottom at $2.208 with a volume increase may signal some recovery potential.
Ripple’s XRP remains influenced by various developments, both fundamental and technical. The company is focused on integrating into traditional finance rather than outright replacement. Projects such as RLUSD (Ripple's stablecoin) and the acquisition of Hidden Road are seen as strategic moves to bolster XRP's role in cross-border transactions. Furthermore, Ripple's collaboration with UAE regulators on tokenized real estate showcases its efforts in expanding its global footprint.
In recent news, China-based Webus submitted a proposal to the SEC, intending to raise $300 million, indicating plans for a strategic reserve in XRP. Technical analysis from CoinDesk Research highlights strong resistance between the $2.265 and $2.270 range, where several breakout attempts have failed, backed by elevated volume that confirms seller control. There has been some support identified in the $2.10-$2.15 area, but a decline in momentum suggests this level is at risk if selling pressures continue.
While the bearish environment prevails, there are potential bright spots. Analysts observed a double bottom pattern as the price bounced back to $2.208 with increasing volume, possibly hinting at short-term accumulation. Open interest rising above $4 billion reflects increased market liquidity, offering possibilities for a short squeeze should the mood shift positively. Still, caution is necessary as an inverted V-shaped pattern on XRP’s daily chart signals a move from buying enthusiasm to intensified selling activity.
In the last 24 hours, XRP fell from a peak of $2.269 to a low of $2.190. The established descending channel indicates a prevailing bearish trend, reinforced by significant resistance at $2.265-$2.270 where multiple rejections have occurred. Support remains tentative at the $2.202-$2.205 level, but current momentum suggests vulnerabilities that could lead to further declines. An observed breakdown below $2.204-$2.206 occurred alongside increased trading volume, intensifying the selling pressure. Despite this, the formation of a possible double bottom at $2.208 with a volume increase may signal some recovery potential.
