Cryptocurrency XRP has fallen sharply by 5%

Cryptocurrency XRP XRP $2.15 XRP -2.33% Market capitalization $126.78 billion VOL. 24 hours $0.26 billion has lost 4.5% over the past day — the token has fallen from $ 2,254 to $ 2,164 amid increased seller pressure and negative market sentiment. Sellers forced the price to break through key support levels, and now the token is facing resistance at $ 2.20, while technical indicators show a downtrend, Coindesk writes.

The current situation is due to uncertainty in the global economy, trade tensions between the US and China, conflicting signals from central banks, and negative sentiment after ETF registration denials. Over the week, XRP fell by almost 9%, despite the fact that traders are following the launch of Ripple’s RLUSD stablecoin and news about regulation in Dubai and Singapore, where Ripple is actively developing infrastructure.

In terms of time, the strongest pressure was recorded between 15:00 and 16:00, when trading volume doubled the daily average and a strong resistance level was formed at $ 2.19. A small recovery brought the price to $ 2.179, but sellers quickly regained control. The latest wave of selling at 02:01 led to a new local low at $ 2.162, and support is currently concentrated at $ 2.147.

Technical analysis shows the formation of a downward channel on the hourly chart, which is a signal that the bearish trend is continuing. If buyers fail to push the price back above $ 2.20, analysts do not rule out a further decline to $ 2.10. Currently, sales volumes are gradually decreasing, which may indicate a potential stabilization in the coming hours.