XRP Drops 3.7% After Rejections at $2.33 Resistance Level
XRP Analysis
XRP declined by 3.7% in the last 24 hours, dropping from a high of $2.288 to approximately $2.260. The price faced three rejections at the resistance level of $2.33.
Key Points
- A short-term double bottom formed at $2.250, but declining recovery volume indicates bearish pressure.
- The recent pullback is linked to heightened volatility ahead of a spot ETF decision from Franklin Templeton expected this month.
- Market enthusiasm from regulatory successes, such as Ripple's RLUSD stablecoin approval in Dubai, is waning.
- XRP remains crucial in discussions about cryptocurrency's role in global payments.
- Partnerships in the Middle East and Asia-Pacific may provide long-term value, but short-term sentiment is negative.
- Traders are monitoring support at $2.25 for stability under current pressure.
Technical Analysis
- Price dropped from $2.288 to $2.260, with a peak-to-trough range of 5.8%.
- Resistance confirmed in the $2.33–$2.34 zone, forming a head-and-shoulders pattern (neckline: $2.285).
- A double bottom at $2.250 was noted, leading to a partial recovery.
- Selling peaked with over 7M units traded between 01:31 and 01:33.
- Recovery started at 01:53, with higher lows, although volume decreased during the bounce.
- If support at $2.25 fails, the next downside target is around $2.234.