XRP Declines 4.5% Amidst Increased Selling Pressure and Resistance Levels
XRP declined by 4.5% in the last 24 hours, falling from $2.254 to $2.164 due to increased selling pressure. The token is encountering resistance at $2.20, with technical indicators indicating a persistent downtrend.
News Background
- Intensified selling pressure linked to macroeconomic uncertainty.
- Factors include U.S.-China trade friction, mixed central bank signals, and recent ETF rejections.
- Traders are monitoring Ripple's upcoming RLUSD stablecoin launch and regulatory developments in Dubai and Singapore.
- XRP has decreased nearly 9% this week.
- A descending channel is forming on the hourly chart, indicating bearish continuation.
- Without reclaiming $2.20, analysts predict further declines toward $2.10.
Price Action
The most significant pressure occurred between 15:00 and 16:00, with volume surpassing daily averages and establishing resistance around $2.19. A brief recovery attempt reached $2.179 but was quickly reversed. A high-volume drop at 02:01 brought the price to $2.162, confirming ongoing downtrends. Support is noted at $2.147, with XRP currently trading near $2.164.
Technical Analysis Recap
- XRP dropped from $2.254 to $2.164, a 4.5% decline.
- Resistance established around $2.19 during peak activity.
- Support identified at $2.147.
- Short-term recovery peaked at $2.179 before rejection.
- Volume spike at 02:01 coincided with a 0.8% drop to $2.162.
- Immediate resistance now at $2.175; bearish pressure indicated by descending channel pattern.
- Selling volume has decreased, suggesting potential stabilization.