After four consecutive days of decline, XRP, the third-largest cryptocurrency by market capitalization, is gradually recovering.
XRP's Status After Decline
XRP slightly rebounded in the early Sunday session, rising from a low of $2.72 to a high of $2.89. However, the price is still down 1.53% in the last 24 hours at $2.87.
Impact of Institutional Selling
The price drop of XRP was partially attributed to institutional selling. Crypto analyst Ali reported that whales sold over 710 million XRP in the past 24 hours. Additionally, macroeconomic uncertainty contributed to a broader decline in the crypto market.
Prospects for Further Growth
XRP could be forming a double bottom pattern, and a close above $3.30 could confirm the breakout and lead to $3.60. The initial target will be to reclaim the $3 level, which will be monitored to validate accumulation narratives.
Despite the recent decline, XRP is showing signs of recovery, but to achieve sustainable growth, it must overcome key resistance levels.
