XRP Drops 6% Amid Global Economic Tensions and Market Liquidations
XRP experienced a 6% decline in 24 hours, dropping from $2.20 to $2.14 amid global economic tensions that affected financial markets and led to liquidations. The overall crypto market fell by 3.81%, with a total cap of $3.3 trillion.
The downturn followed the U.S. Court of International Trade's decision to overturn previous trade tariffs, raising concerns about trade policies. This resulted in over $29.68 million in long positions being liquidated as traders adjusted their strategies.
News Background
- Webus International plans to raise up to $300 million for its chauffeur payment network, utilizing XRP reserves.
- The initiative aims to incorporate XRP’s capabilities into Webus’ ecosystem, including booking records and loyalty programs.
- Webus is renewing its partnership with Tongcheng Travel Holdings to use the XRP Ledger for cross-border settlements.
- Bitget listed Ripple's RLUSD stablecoin.
- Ripple released a report highlighting the potential of blockchain in the $31.6 trillion B2B cross-border payments market.
- The report emphasized the advantages of blockchain solutions over traditional payment methods.
Price Action
XRP faced selling pressure at the $2.21 resistance level and found support around $2.11. Recent consolidation between $2.13 and $2.14 indicates possible stabilization, though lower highs suggest continued selling pressure.
A higher low at $2.135 formed in the last hour, with resistance at $2.144-$2.145 restricting rebounds. XRP closed at $2.137 after a volatile trading session.
Technical Analysis Recap
- XRP fell 5.7% from $2.20 to $2.14 in 24 hours.
- A price range of $0.13 (5.9%) was noted between $2.22 and $2.09.
- Resistance at $2.21 triggered heavy selling during specific hours.
- Strong buying at $2.11 during the early morning hour halted further declines.
- Consolidation between $2.13 and $2.14 suggests potential stabilization despite lower highs.
- A higher low formed at $2.135, with ongoing resistance at $2.144-$2.145.
- XRP ended the session at $2.137, indicating consolidation following volatility.
Traders will monitor XRP closely for signs of sustained support or potential breakdowns amidst ongoing macroeconomic challenges.