XRP is under renewed pressure, dropping nearly 5% in the past 24 hours as selling volume surged and key support levels broke.
XRP Faces Heavy Selling Pressure
The biggest wave of selling occurred between 3 PM and 4 PM, where trading volume doubled and solidified resistance around $2.19. Buyers attempted to push the price to $2.179, but this did not last long. In the early morning, another high-volume drop dragged XRP to a lower low of $2.162. It is now hovering near $2.164, with support seen around $2.147, a level where buyers have stepped in a few times.
Why XRP Price is Not Moving?
Broader market conditions aren't helping. Global uncertainty, especially around U.S.-China trade issues and unclear signals from central banks, has rattled investors. The recent rejection of multiple ETF applications has also contributed to negative sentiment surrounding risk assets like crypto. An analyst pointed out the unusual combination of heavy volume and a price drop, which often signals an important shift in market sentiment. Experts believe the move may be driven by broader macro volatility, regulatory uncertainty, and overall pressure across the crypto market.
What Next For XRP Price?
Technical patterns indicate more downside unless momentum shifts. A descending channel on the hourly chart hints that the current downtrend could continue. Until bulls manage to flip $2.20 into support again, XRP could face another slide, possibly testing the $2.10 zone next. There is a bit of calm now as selling volume starts to cool off. This could give XRP some breathing room, but the trend still leans bearish. For now, the key test remains reclaiming $2.20. Without that, XRP's recovery may stay stuck in limbo.
The intensifying situation in the cryptocurrency market and the negative news may continue to put pressure on XRP's price. Investors are closely watching developments for potential changes in the near future.
