rewrite this content using a minimum of 1200 words and keep HTML tags
The price of XRP has slipped to around $2.26, marking a 6.9% drop in the past 24 hours. The decline comes as the broader crypto market faces heavy selling pressure, with total liquidations crossing $1.2 billion in the last day. Out of that, XRP alone saw roughly $27 million in forced position closures.
After briefly testing levels above $2.60 earlier in the week, XRP has now fallen back toward an important support zone.
Bearish Momentum Persists on Weekly Chart
On the weekly timeframe, XRP continues to show signs of a bearish divergence, a pattern that began forming in late July. Despite occasional attempts to recover, the overall momentum has weakened. The pattern remains active, suggesting that downward pressure is not yet fully exhausted.
XRP’s structure over recent weeks shows a gradual formation of lower highs and lower lows, which typically shows that market strength is still fading. Until a clear reversal pattern appears, the larger outlook remains tilted toward a possible extended pullback.
Resistance and Support Zones
On the daily chart, XRP has been unable to break above the $2.63 to $2.70 range, an area that served as both a previous high and a 50% Fibonacci retracement level. This zone continues to act as strong resistance.
The price is now hovering around an important support region between $2.30 and $2.40. Holding above this area is crucial. If XRP closes below $2.30, the next potential support levels are seen near $2.05 and then $1.80, which align with earlier consolidation zones from mid-year.
If momentum improves and the price stabilizes above current levels, the next upside targets would be $2.67, $2.88, and $3.10. A stronger move beyond these points could shift sentiment back in favor of recovery.
Short-Term Bounce Still Possible
Despite the ongoing correction, short-term rebounds are still possible as XRP approaches support. These temporary moves often occur when the market tests major zones, allowing prices to stabilize before choosing a new direction.
However, such rebounds are best viewed as short-term reactions, not signs of a full reversal. The broader structure continues to reflect weakness, and a convincing recovery would require XRP to move firmly above the $2.70 resistance level.
Trust with CoinPedia:
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:
All opinions and insights shared represent the author’s own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored and Advertisements:
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website http://defi-daily.com and label it “DeFi Daily News” for more trending news articles like this
Source link
