XRP Faces Strong Selling Pressure, More Losses Likely
Key Takeaways
XRP is under selling pressure. Technical indicators and market sentiment suggest a further downward movement. The price has broken important support levels and could continue to decline. Both spot and derivatives traders are selling their holdings, reinforcing the downtrend.
Current Price Development of XRP
Over the past week, XRP has recorded a decline of 21.08%. In the last 24 hours, the price has fallen by another 2.45%. Market sentiment remains negative, and technical indicators signal a possible continuation of the downtrend.
Key Support Levels
Analysis based on Fibonacci retracement lines shows that XRP has broken multiple support levels. The next potential supports are at $2.296 and $1.995. If the price falls below $1.995, even lower prices could be reached.
Technical Indicators Point to Further Losses
The Relative Strength Index (RSI) is currently at 37.18, placing it in bearish territory. Although it is slightly pointing upwards, this could be only a short-term recovery before the price continues to decline.
The Average Directional Index (ADX) stands at 28.21, signaling a strong downward movement. If the ADX continues to rise, it would confirm the downtrend.
Spot and Derivatives Traders Increase Selling Pressure
Exchange net flow data shows that XRP worth $17.60 million has been sold in the last 24 hours. This indicates that many spot traders are liquidating their holdings.
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The derivatives market is also showing a negative trend. The funding rate has turned negative, meaning that sellers are paying the premiums. This suggests that confidence in XRP continues to decline.
Our Assessment
The current market situation suggests a continuation of the downtrend for XRP. Technical indicators, market sentiment, and selling pressure from spot and derivatives traders reinforce this trend. Investors should closely monitor the next support levels to identify potential turning points early.
| Symbol | XRP |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | $2.36 |
| 24h % | -2.85 % |
| 7d % | -23.33 % |
| 30d % | 2.27 % |
| 60d % | -5.25 % |
| 1y % | 367.17 % |
| Official Links | Website |
| Socials | X |
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