XRP Slides 4.5% as Sellers Dominate, Focus Shifts to $2.20 Barrier
XRP lost ground in the past 24 hours, shedding 4.5% to trade at $2.164, down from $2.254, as bearish momentum dragged prices beneath crucial support levels. The $2.20 mark now stands out as a critical resistance area, with technical signals pointing to further weakness unless buyers step in soon.
Market Drivers
- Persistent macro uncertainty continues to weigh on crypto markets, dragging XRP lower.
- Ongoing trade tensions between the U.S. and China, mixed monetary policy signals from central banks, and recent ETF rejection fallout have heightened risk aversion.
- Ripple’s planned launch of its RLUSD stablecoin and regulatory advances in Dubai and Singapore are on traders’ radars, but these developments haven’t sparked a recovery.
- XRP is now down nearly 9% for the week, tracking broader risk-asset declines.
- Technicians are watching a descending channel pattern that signals ongoing bearish pressure, with surges in trading volume during resistance tests adding to the cautious outlook.
- Analysts warn that unless XRP reclaims the $2.20 level, further declines toward $2.10 could be in store.
Trading Action
The steepest sell-off occurred between 15:00 and 16:00 UTC, when trading volume surged to more than twice its daily average, locking in resistance at $2.19. A short-lived rebound nudged XRP to $2.179 before sellers quickly reasserted control.
Another significant dip at 02:01 UTC dropped prices to $2.162, confirming a fresh lower low in the ongoing downtrend. XRP is now consolidating near $2.164, with support forming around $2.147 and volatility beginning to ease.
Technical Recap
- Price declined 4.5%, moving from $2.254 to $2.164.
- High-volume resistance formed near $2.19 during the afternoon session.
- Support has emerged around $2.147, where buying interest has appeared multiple times.
- A fleeting recovery lifted prices to $2.179 before retreating.
- A spike in trading activity at 02:01 UTC coincided with a 0.8% drop to $2.162.
- Immediate resistance sits at $2.175, while the descending channel suggests continued downside risk.
- Slower selling volumes hint at potential stabilization if buyers regain confidence.
