XRP experienced a notable decline, breaking through the significant $2.10 support level during a late-session sell-off as traders offloaded their positions in anticipation of a potential market correction. Throughout the trading session, XRP oscillated within a volatile range of $2.03 to $2.15, reflecting broader weaknesses in the crypto market driven by macroeconomic pressures.
During the late session, XRP briefly rebounded from a low of $2.03, aided by a 28% surge in trading volume that indicated active dip-buying. However, attempts to reclaim the $2.14 to $2.15 zone were unsuccessful, leading to the formation of lower highs as sellers absorbed the bullish attempts to break out.
When the session concluded, XRP faced a decisive drop from $2.124 to $2.103, propelled by heavy selling volume which resulted in a clear breach of the critical $2.10 support level. This failure to hold the support point raises concerns about future price movements, as institutional traders appeared to withdraw their participation, indicative of a cautious market sentiment.
From a technical perspective, XRP’s chart showed a distinct bearish shift. With $2.10 now acting as resistance, the trading focus has shifted to the cycle low of $2.03 established during earlier heavy-volume trading. The inability to break above the $2.14 to $2.15 resistance further underscores the downward risks that XRP currently faces.
Trading volume played a crucial role in the recent fluctuations, with the surge during the rebounding phase at $2.03 reflecting strong trader interest. However, the lack of significant follow-through in volume post-recovery signaled a potential exhaustion of bullish momentum. The final phase of selling occurred on substantial volume, pushing the price downward and triggering automatic sell-offs across trading platforms.
The current trend for XRP is characterized by a series of lower highs and lower lows, a pattern that frequently precedes retesting of established swing supports. Despite indications that short-term oscillators are nearing oversold levels—hinting at the possibility of stabilization at the $2.03 mark—the need for a reclaim of $2.15 is critical to shift the prevailing bearish momentum.
Traders are advised to keep an eye on key price levels. Maintaining $2.03 is paramount to avoid deeper retracements targeting the next support levels of $1.91 to $1.73. Conversely, reclaiming $2.15 could help neutralize the current negative outlook. Additionally, ongoing weak momentum from Bitcoin, alongside its death-cross pattern, continues to place additional pressure on altcoin markets, including XRP.
As the market navigates these turbulent waters, traders should remain vigilant for spikes in volatility around volatile liquidation points, which could further influence XRP’s price movement in upcoming sessions.