XRP price faces renewed downward pressure, declining nearly 5% over the past 24 hours amid heightened selling activity and broken support levels. The token slid from $2.254 to $2.164, marking a 9% weekly loss. Despite brief recovery attempts, bearish momentum persists with the $2.20 resistance level proving formidable.
XRP Encounters Strong Resistance at $2.19
The most intense selling occurred between 3 PM and 4 PM UTC, when trading volume spiked 100%, solidifying resistance near $2.19. Although buyers temporarily pushed the price to $2.179, the rally proved unsustainable. By early morning trading, another high-volume drop drove XRP to $2.162, with current support emerging around $2.147—a level that has historically attracted buyer interest.
Key Factors Suppressing XRP's Price Movement
Three primary elements contribute to XRP's stagnation:
- Macroeconomic Uncertainty: Global trade tensions and ambiguous central bank policies continue unnerving investors.
- ETF Application Rejections: Recent denials of crypto ETF proposals have dampened market sentiment.
- Regulatory Concerns: Ongoing uncertainty about cryptocurrency regulations persists despite Ripple's international expansion efforts.
Noted analyst BullnChill observed the unusual correlation between heavy volume and price decline—typically indicating significant sentiment shifts. Market experts attribute this movement to broader crypto market pressures compounded by macroeconomic volatility.
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Technical Outlook for XRP
Current chart patterns suggest continued bearish momentum:
- A descending channel formation on hourly charts signals potential further declines.
- The $2.20 level now acts as critical resistance—until reclaimed, downward pressure may persist.
- Next potential support zones appear at $2.10 should current levels fail to hold.
While selling volume shows signs of stabilization, the overall trend remains negative. Market participants await either a clear breakout above $2.20 or confirmation of further declines toward lower support levels.
FAQ: XRP Price Dynamics
Q: Why does ETF rejection affect XRP price?
A: ETF denials signal regulatory hesitancy, reducing institutional investment prospects and dampening market confidence.
Q: What would trigger an XRP price recovery?
A: Key factors include: (1) breaking the $2.20 resistance, (2) positive regulatory developments, or (3) broader crypto market rallies.
Q: How does Ripple's stablecoin affect XRP valuation?
A: While RLUSD development demonstrates company growth, short-term price impact appears limited without direct utility linkage to XRP.
Q: Where does XRP find current support?
A: Immediate support rests near $2.147, with stronger historical support around $2.10.
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