“The Ripple-Related Token Faces Mounting Bearish Pressure Amid Technical Breakdown and Increased Selling Volume.”, – WRITE: www.coindesk.com
(Coindesk Data)
- Xrp Fell 2.71% in the Last 24 Hours, Trading At $ 2.20 As Selling Pressure Increased.
- The Token’s Market Cap Droped by $ 6 Billion, with Weekly Losses Reaching 9.11% Amid Global Market Volatility.
- Ripple is focusing on integration with Traditional Finance, Highlighted by Its New Stablecoin Rlusd and Acquisition of Hidden Road.
TumbLED 2.71% Over The Past 24 Hours, Continuing It Downward Spiral As Selling Pressure Outweighed Buyer Interest.
The Token Now Trades at $ 2.20 After Breaking Key Support Levels, Forming A Descending Channel Pattern that have been defined recent price action. A Significant Volume Spike of 1.2 Million Units Preceded The Breakdown, Signaling Traders’ Rush to Exit Positions As Market Sentiment Sourda.
Xrp’s Market Cap Shed $ 6 Billion Durying The Session, with Weekly Losses totling 9.11%, Reflection A Broader Struggle to Maintain Momentum Amid Global Market Volatility.
News Background
- Ripple’s XRP Continues to be Shaped by a mix of Fundamental Developments and Technical Factors.
- Ripple recently Emphasized Its Strategy to Integrate with Traditional Finance Racher Than Replace It Entirely, Highlighting Projects Like Rlusd Infrastructure Plays That Could Strengthan Xrp’s Role in Cross-Border Payments.
- Meanwhile, Ripple’s Ongoing Work with Uae Regulators on Tokenized Real Estate Demonstrates Its Commitment to Global Expansion.
- On Wednesday, China-Based Webus Filed with the Sec Detailing Plans of A $ 300 Million Fundraise With A Majoor Poction Dedicated to Establishing an XRP Strategic Reserve.
Price-action
Coindesk Research’s Technical Analysis Model Shows Strong Resistance at the $ 2.265- $ 2.270 Zone, with Multiple Failed Breakout Attempts and Above-Aver-Average Volume Confir.
Support has emerged in the $ 2.10- $ 2.15 Range, But Weakening Momentum Suggests This Level Could Be Tested Further If Selling Perssts.
Despite the Bearish Backdrop, Some Analysts Point to Potential Bullish Signals. A Possible Double Bottom Pattern Formed As Price Rebounded to $ 2.208 On IncreASING VOLUME, Indicating that Short-Term Acumulation May Be Underway.
Open Interest Has Surged Past $ 4 Billion, Hinting at Heighened Market Liquidity and The Potential for a Short Squeeze IF Sentiment Shifts. However, Caution Remains Warranted As the Inverted V-Shaped Pattern on Xrp’s Daily Chart Underscores the Recent of Shift from Buying Enthusiasm to Aggresses Selling Pressure.
Technical Analysis ReCap
- Xrp Fell 2.71% from a High of $ 2.269 to A Low of $ 2.190 Over The Past 24 Hours.
- Price Action ForMed A Descending Channel, Reflection Persenti Bearish Momentum.
- Resistance AT $ 2.265- $ 2.270 ConfirMed by Multiple Rejects on Above-Average Volume.
- Support Establized AT $ 2.202- $ 2.205, But Momentum Suggests Vulneracy at this Level.
- A Breakdown Below $ 2.204- $ 2.206 AT 01:48 Was Accompanied by Increased Volume (399K+).
- A potential doubble Bottom Formed As Price Rebounded to $ 2.208 with Volume IncreASING TO 446K.
Disclaimer: Poctions of this Article Were Generated with the Assistance of AI Tools and Review by Coindesk’s Editorial Team for Accucy and Adhesion to Our Standards. For more information, See Coindesk’s Full Ai Policy.
Shaurya Holds Over $ 1,000 in Btc, Eth, Sol, Avax, Sushi, Crv, Near, YFI, YFI, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, CAKE, Vet, Vet, Vet RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, Banana, Rome, Burger, Spirit, and ORCA.
He Provides Over $ 1,000 to Liquidity Pools on Compound, Curve, Sushiswap, Pancakeswap, Burgerswap, Orca, AnaSwap, Spiritswap, Roki Protocol, Yearn Finance Olympusdao, Rome, Trader Joe, and Sun.
X Icon
All Content Produced by Coindesk Analytics is Undergoes Human Editing by Coindesk’s Editorial Team Before Publication. The Tool Synthesizes Market Data and Information from Coindesk Data and Other Sources to Create Timely Market Reports, with All External Sources Clearly Attributed Within Each.
Coindesk Analytics Operates Under Coindesk’s AI Content Guidelines, WHICH PRIORITIZE Accuracy, Transparency, and Editorial Oversight. Learn more about Coindesk’s Approach to Ai-Generated Content In Our Ai Policy.
