Ripple’s XRP token has experienced a significant drop below the $3 mark after facing challenges in breaking through a crucial resistance level. The sudden increase in selling pressure has raised concerns about the weakening momentum and the possibility of further losses in the future.
The decline in XRP’s price started with a noticeable shift in momentum, as indicated by the Relative Strength Index (RSI) dropping to oversold territory at 29. This suggests a strong bearish pressure with limited relief in sight. Additionally, the On-Balance Volume (OBV) showed a sharp decline, signaling aggressive selling and a decrease in cumulative buying interest.
This combination of factors indicates that sellers are currently in control of the market. Without a swift return in demand, XRP could see further declines below the $2.90 level, with short-term support appearing increasingly fragile.
Furthermore, the Binance liquidation heatmap highlighted intense activity just above the $3.20 level, where a significant amount of leverage was stacked up before a sharp downturn. This cluster of liquidations suggests that many long positions may have been caught off-guard and forced to sell off as the price reversed.
The absence of substantial liquidation support zones as the price dipped below $3 indicates a weak bullish defense, hinting at a potential continuation of the downward trend.
Despite the sharp drop in price, on-chain data suggests that the move was primarily driven by profit-taking rather than panic selling. The XRP Ledger Exchange Inflow on Binance chart indicates that there was a significant increase in XRP being transferred to exchanges, likely for selling and taking profits.
In conclusion, XRP’s recent price drop below $3 was a result of failed breakout attempts and heavy selling pressure from both retail and large holders. Unless there is a resurgence in buying interest, XRP may face further downside potential. It is essential for traders and investors to closely monitor the market conditions and adjust their strategies accordingly to navigate the current volatility. The Benefits of Regular Exercise
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