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Despite breaking a recent downtrend, XRP has failed to sustain gains above $2.50, retreating to $2.40. The cryptocurrency’s price action reflects declining risk appetite and increasing selling pressure in the market. With $2.30 emerging as a critical support level, XRP needs to surpass the $2.60 resistance to spark upward momentum.
Key Resistance and Support Levels for XRP
XRP’s recent price action has been underwhelming despite initial optimism following a breakout from a descending trendline. The token’s failure to climb above $2.50 has resulted in a loss of momentum, underscoring the insufficiency of buying pressure amid heightened selling activity.
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Currently, XRP faces significant resistance at $2.60, with declining trading volumes and traders showing hesitancy at higher price levels. Conversely, $2.30 is a pivotal support zone; breaching it could lead to further declines towards $1.69 or even $1.20.
Market Conditions and Investor Sentiment
The broader cryptocurrency market’s declining risk appetite has prompted many investors to lock in profits from recent rallies. This trend has disproportionately impacted assets like XRP, which have recorded substantial gains in the past weeks. Moreover, the Relative Strength Index (RSI) remains neutral at 57, signaling indecision in the market.
Current Performance and Outlook
Over the past 24 hours, XRP’s price has dropped by 3.7%, landing at $2.43. After peaking at $2.56, the token has seen a gradual decline, with its 24-hour trading volume at approximately $5.8 billion. XRP’s total market capitalization currently stands at $139.7 billion.
Chart patterns highlight XRP’s struggle to maintain upward momentum, as increased selling pressure continues to weigh on the asset. This uncertainty has made investors more cautious, indicating that a robust recovery catalyst is essential for the market to regain confidence.
Turkish NY Radio will keep a close eye on XRP’s price movements and provide timely updates as the market evolves.
