XRP Drops 5.3% Amid Increased Selling Pressure and Whale Activity

XRP experienced a decline of 5.3% over the past 24 hours, dropping from $2.21 to a low of $2.08 before recovering slightly to $2.10. Despite improved market sentiment due to geopolitical developments, XRP's performance remained weak.

News Background

Improved market sentiment followed a reported ceasefire between Iran and Israel, mediated by former U.S. President Donald Trump.
XRP faced selling pressure as Ripple moved $439 million worth of XRP to an unknown wallet, while other whales transferred $58 million to exchanges, indicating potential distribution.
The token struggled to reclaim resistance at $2.14, reflecting bearish momentum.
Analysts are observing a descending channel pattern, anticipating a breakout or breakdown between July and September, with critical support at $2.08-$2.09.

Price Action

XRP declined from $2.21 to $2.10, marking a total intraday range of $0.13. The most significant selloff occurred between 12:00 and 16:00 UTC, with hourly volumes exceeding 99 million XRP as prices fell. Resistance is noted at $2.17, with support tested around $2.08–$2.09.

Technical Analysis Recap

XRP decreased 5.3% from $2.21 to $2.10, within a range of $0.13
Heaviest trading volume recorded between 12:00–16:00 UTC at over 114M and 99M XRP
Resistance established at $2.17; key support observed at $2.08–$2.09
Recovery attempts failed at $2.14 and $2.12, settling near $2.10
Final hour showed a modest gain of 0.54% from $2.09 to $2.10, with a spike in volume to 930K XRP
Consolidation around $2.10 suggests short-term stabilization