XRP Peaks at $2.93, Drops to $2.85 Amid Profit-Taking
XRP experienced a price increase, reaching above $2.90 on high volume before profit-taking led to a reversal, closing at $2.85. A supply zone has emerged between $2.92 and $2.93, while the $2.85 level is under pressure due to macroeconomic factors.
Price Movement
- XRP moved within a 3% range from $2.85 to $2.93.
- Reached a high of $2.926 after breaking $2.90 resistance, then declined.
- New supply zone established at $2.92–$2.93.
- Price fell from $2.86 to $2.85 in the closing hour with significant trading volume.
- Closed at $2.851, down by 2.5% from intraday highs.
Technical Insights
The support at $2.86 was broken, turning it into short-term resistance. The next support is at $2.85, with potential risk extending towards $2.80 if this level fails. Resistance persists at the $2.92-$2.93 zone, where previous high-volume rejection occurred. Although bearish momentum is evident in the short term, institutional trends and regulatory developments continue to support broader market strategies.
Key Considerations for Traders
- Monitoring if $2.85 maintains as support or breaks toward $2.80.
- Potential retest of the $2.92–$2.93 supply zone if momentum shifts.
- Impact of macroeconomic factors such as Fed policy and trade tensions on risk assets.
- Influence of ETF and regulatory clarity on institutional interest.