XRP Falls 2.71% as Market Sentiment Weakens and Support Breaks
XRP decreased by 2.71% in the last 24 hours, trading at $2.20 after breaking key support levels and forming a descending channel pattern. A volume spike of 1.2 million units indicated a rush to exit positions as market sentiment worsened. The market cap dropped by $6 billion, reflecting a weekly loss of 9.11% amid global volatility.
News Background
- Ripple's strategy focuses on integrating with traditional finance, highlighted by projects like RLUSD and the acquisition of Hidden Road.
- Ongoing collaboration with UAE regulators on tokenized real estate shows commitment to global expansion.
- China-based Webus filed with the SEC for a $300 million fundraise, aiming to establish an XRP strategic reserve.
Price-Action
Technical analysis indicates strong resistance at $2.265-$2.270, with support between $2.10-$2.15. There are signs of potential bullish behavior as a double bottom pattern may be forming. Open interest has exceeded $4 billion, suggesting increased market liquidity and possible short squeeze potential, but selling pressure remains dominant.
Technical Analysis Recap
- XRP fell from $2.269 to $2.190 in 24 hours.
- Descending channel formation signals bearish momentum.
- Resistance confirmed at $2.265-$2.270 with multiple rejections.
- Support at $2.202-$2.205 is vulnerable.
- Breakdown below $2.204-$2.206 occurred with increased volume.
- Potential double bottom formed with price rebounding to $2.208 on rising volume.