XRP Tests $2 Support Amid Market Downturn and Selling Pressure
XRP has dropped below $2 for the first time since February, amidst a broader market decline impacting most cryptocurrencies. Despite this, XRP has fared better than many altcoins, but uncertainty about its future remains.
- Analysts are divided on XRP’s next move; some see potential for recovery if key resistance levels are reclaimed.
- Bearish views suggest further declines if XRP cannot maintain support above $1.90.
- Technical analyst BigCheds indicates a potential breakdown below $1.90 could lead to increased selling pressure.
The crypto market overall is struggling due to negative macroeconomic factors, including U.S. policies and trade tensions. This has resulted in significant losses across both crypto and stock markets.
- U.S. stock markets have reached their lowest since September 2024, contributing to risk-off sentiment.
- Investors are hesitant to enter long positions amid rising fears and uncertainties.
XRP is currently trading at $2.13 after testing a critical support level at $1.89. A brief recovery above $2 occurred, but XRP remains under bearish pressure.
- Bulls must hold above $2 to prevent further declines; failure may result in a drop towards $1.60.
- To regain upward momentum, XRP needs to push toward resistance zones around $2.30–$2.50.
The coming days will be crucial for XRP as volatility persists in the crypto markets. Traders are closely watching whether bulls can defend key support levels or if the downturn will lead to further losses.