Market Overview: XRP/Yen Under Pressure Amid Heavy Sell-Off on 24-Hour Chart

Summary
• XRPJPY fell sharply from 296.31 to 286.78, forming a bearish engulfing pattern near the session high.
• RSI oversold at 28, while MACD crossed below zero, confirming weak momentum.
• Volume spiked during the 23:45–00:00 ET range, coinciding with the 293.28 low.
• Price found temporary support near 290.0 and 289.5, but failed to reclaim key 292.0–293.0 resistance.
• Bollinger Bands tightened prior to a sharp break lower, signaling potential volatility expansion.

At 12:00 ET on 2025-12-24, XRPJPY opened at 295.93 after hitting a high of 296.31 and a low of 286.78 over the past 24 hours. The 5-minute chart closed at 291.93 with a total volume of 1,494,633.7 and a notional turnover of ¥436,304,242.

Structure & Formations

XRPJPY formed a bearish engulfing pattern near 294.0–295.0 and a doji near 293.28–293.57, signaling indecision and exhaustion. Key support appears to be forming around 290.0–289.5, with resistance at 292.0–293.0. A breakout above 293.5 could challenge 294.7–296.3, while a break below 289.5 might target 287.8–286.78.

Moving Averages

On the 5-minute chart, price closed below the 20- and 50-period moving averages, both trending downward. Daily averages (50, 100, 200) also show a bearish bias, with the 50-period near 293.5 and the 200-period near 295.5.

MACD & RSI

The 12:00 close found RSI at 28, indicating oversold territory. MACD crossed below zero during the late ET sell-off, confirming bearish momentum. A close above 292.0–293.0 could trigger a short-term RSI bounce, but a sustained close below 289.5 could confirm a deeper correction.

Bollinger Bands

Volatility contracted in the 00:00–02:00 ET period before expanding sharply as XRPJPY fell to 286.78. Price currently sits near the lower Bollinger Band at 289.5, suggesting potential for a mean reversion rally toward the midline (291.0–292.0).

Volume & Turnover

Highest volume occurred between 00:00–01:30 ET, with large volume spikes at 293.28 (23:45 ET) and 290.47 (02:00 ET). Notional turnover increased in tandem with the price drop, confirming bearish conviction. However, price failed to follow higher turnover in the 08:00–10:00 ET period, hinting at weakening buying interest.

Fibonacci Retracements

Key retracement levels from the 296.31 high to 286.78 low include 61.8% at 290.2 and 38.2% at 293.5. Price appears to have rejected at both levels, suggesting that the 286.78 swing low could be a pivot point for near-term trading.

XRPJPY appears to be in a consolidation phase after a sharp correction. A rebound above 293.5 could attract short-covering buyers, but a sustained break below 289.5 may accelerate further selling. Investors should watch for confirmation at key Fibonacci and Bollinger levels.

Forward-looking, a rally above 292.0–293.0 could test 294.7–296.3, but a failure to hold 290.0 may signal a deeper pullback. Traders should remain cautious and manage risk with tight stops near 288.0–287.8.