XRP's price has dropped by 5% over the past 24 hours, now standing at $2.164. This decline is part of a nearly 10% weekly loss, as buyer efforts to restore price face resistance from sellers.
Impact of Intense Selling Pressure
The selling volume for XRP has surged two-fold, solidifying the resistance at $2.19. Buyer efforts to push the price to $2.179 were short-lived, leading to a drop to $2.162. Investors are closely observing the support level around $2.147 for market direction cues.
Primary Factors Behind the Price Drop
The wider market environment and delays in SEC decisions on ETF applications negatively impact XRP. Tensions such as the Iran-Israel conflict and ambiguous moves from central banks create unease among investors. The deferment of crucial crypto ETF decisions has worsened sentiment on risk-laden assets like cryptocurrencies.
Analysis of the Current Market Situation
Analyst BullnChill highlights the significant trading volume combined with price dips as indicative of a market sentiment shift. Technical charts show continued potential declines unless there’s a change in momentum, with a descending channel on hourly charts suggesting persistent trends maintaining seller dominance.
Despite immense selling pressure on XRP, the volatility of the cryptocurrency market leaves room for potential trend reversals. It remains crucial for market participants to continuously analyze shifts and stay adaptable to the evolving economic landscape.
