XRP Price Declines Over 4% Amid Bearish Pressure and Analyst Warnings
XRP has faced difficulties maintaining upward momentum, with a weekly decline of over 4%. The price fluctuated between $2.71 and $2.85 recently.
Key points include:
- Selling pressure has increased since XRP fell below $3 on August 28.
- Technical analysis indicates potential further decline towards $1 due to extended bearish patterns.
- The price structure favors sellers following a rejection at $3, with minor rallies failing to produce significant higher highs.
- Current trading is at $2.82, down 0.5% in the past day and 4.4% over the week.
- Market conditions are influenced by recent US Personal Consumption Expenditures data affecting interest rate expectations.
- High trading volume remains, with XRP rebounding 4% from an intraday low of $2.71.
The outlook hinges on whether XRP can maintain levels above $2.7 or if it will follow the bearish scenario suggested by analysts.
