XRP is under intense pressure as its price drops 0.71%, testing critical support at $3. Will it hold or plunge further? Here’s what traders need to know.
XRP Price Faces Downward Pressure
XRP’s price has declined to $3.04, breaking below the immediate support of $3.0932. Analysts warn that failure to hold $3.00 could trigger a drop toward $2.80. Key factors driving this trend include:
- Bearish market sentiment across cryptocurrencies
- Reduced futures open interest ($2.4B drop since mid-July)
- Lack of bullish whale activity despite increased transactions
Cryptocurrency Market Volatility Impacts XRP
XRP underperformed the broader crypto market, which fell 1.72%. The asset is down 14% from its July 18 high, reflecting sustained selling pressure. Institutional developments, like SEC approvals for crypto ETPs, have yet to boost XRP’s adoption.
Will XRP Rebound or Continue Falling?
Traders are closely watching the $3.00 psychological barrier. A confirmed breakout below $2.9873 could accelerate declines. On the upside, reclaiming $3.27 may signal a rebound. Macroeconomic clarity and regulatory developments remain critical for XRP’s recovery.
FAQs
Why is XRP’s price falling?
XRP faces selling pressure amid broader market volatility and weakening support levels.
What are the key support levels for XRP?
$3.00 and $2.9873 are critical. A break below could lead to $2.80.
How does XRP compare to other cryptocurrencies?
XRP underperformed the sector’s 1.72% drop, indicating stronger bearish momentum.
What could trigger an XRP recovery?
Regulatory clarity, ETF approvals, and renewed institutional interest may help stabilize prices.
