XRP (XRP) experienced a 3.7% drop over the last 24 hours, sliding from a high of $2.288 to close around $2.260. This decline follows three failed attempts to surpass the $2.33 resistance level, indicating waning momentum among buyers. Despite forming a short-term double bottom at $2.250, the diminishing recovery volume suggests sustained bearish trends ahead.
This recent downturn comes amid increased volatility tied to expectations for a potential spot ETF decision from Franklin Templeton, which many traders are closely monitoring. In addition, while Ripple has seen some regulatory wins, including the approval of its RLUSD stablecoin in Dubai, the market responses suggest fatigue among buyers as they face resistance at $2.33.
XRP continues to be a focal point in discussions regarding crypto's role in global payment systems. The company's expanding partnerships in the Middle East and Asia-Pacific, particularly in tokenizing real-world assets, might suggest long-term value. Nevertheless, short-term technical indicators show a shift in sentiment as the volume decreases on recovery attempts.
Traders will be closely watching if XRP can hold its support level at $2.25 under ongoing selling pressure. Highlights from the current technical analysis include:
- Price dropped from $2.288 to $2.260, with a peak-to-trough movement of 5.8%.
- Resistance confirmed in the $2.33-$2.34 range, forming a head-and-shoulders structure.
- A double bottom formed at $2.250 led to a brief recovery, though trading volume was weaker during this bounce.
- Selling pressure peaked around 01:31–01:33 with over 7 million units traded, but recovery began shortly after with higher lows.
- Should $2.25 fail, a downside target rests near $2.234.
This recent downturn comes amid increased volatility tied to expectations for a potential spot ETF decision from Franklin Templeton, which many traders are closely monitoring. In addition, while Ripple has seen some regulatory wins, including the approval of its RLUSD stablecoin in Dubai, the market responses suggest fatigue among buyers as they face resistance at $2.33.
XRP continues to be a focal point in discussions regarding crypto's role in global payment systems. The company's expanding partnerships in the Middle East and Asia-Pacific, particularly in tokenizing real-world assets, might suggest long-term value. Nevertheless, short-term technical indicators show a shift in sentiment as the volume decreases on recovery attempts.
Traders will be closely watching if XRP can hold its support level at $2.25 under ongoing selling pressure. Highlights from the current technical analysis include:
- Price dropped from $2.288 to $2.260, with a peak-to-trough movement of 5.8%.
- Resistance confirmed in the $2.33-$2.34 range, forming a head-and-shoulders structure.
- A double bottom formed at $2.250 led to a brief recovery, though trading volume was weaker during this bounce.
- Selling pressure peaked around 01:31–01:33 with over 7 million units traded, but recovery began shortly after with higher lows.
- Should $2.25 fail, a downside target rests near $2.234.
