XRP Drops 10% Amid Selling Pressure, Key Support at $2.00
3min read XRP is currently at a critical juncture, with its price hovering around the $2.00 support level. The recent 10% drop has raised concerns among traders, as the market shows signs of weakness. Currently, XRP is trading near $2.07, struggling to gain momentum amid selling pressure. The token has entered a consolidation phase after a strong rally in late 2024, and faces selling pressure that limits its upward potential. Weak momentum on the 4-hour chart suggests difficulty in breaking resistance levels.
A breakdown below $2.00 could trigger a move toward $1.90, a level that previously acted as strong support. If selling pressure intensifies, XRP may slide further to $1.79, a key technical retracement zone. A worst-case scenario could see XRP testing $1.61 before buyers step in. Breaking these levels would signal a prolonged bearish phase, potentially leading to a deeper correction.
Several factors could impact XRP’s movement in the coming days. A drop in Bitcoin could exert downward pressure on altcoins, including XRP. Any news on Ripple’s ongoing legal matters could influence market sentiment. A lack of buyer interest may extend the correction phase, while increased volume could spark a reversal.
For a rebound, XRP needs to hold above $1.90 and push past $2.10 to regain bullish momentum. A break above $2.25 would confirm strength and open the door for further gains. Additionally, market-wide sentiment, particularly Bitcoin’s movement, will play a major role in XRP’s recovery. Increased trading volume and improving RSI levels would signal potential upside movement. A successful move beyond $2.40 could reignite investor confidence, setting up XRP for another rally.
XRP’s fate hinges on the $2.00 support level. Holding above it could spark a recovery, while a breakdown may lead to further losses. Traders should monitor volume, key resistance levels, and external market factors to anticipate the next major move.
Prominent crypto whale wallets recently offloaded 1.12 billion XRP in 48 hours, increasing the market supply and raising questions about the potential impact on XRP's price. This move comes amidst a period of short-term weakness for XRP, which has dropped 2.69% over the past month despite surging 233.49% in the last six months. The market is now watching closely to see if XRP will retrace back to $1.7 or continue its upward trajectory.
The recent activity has sparked discussions about the potential timeline for XRP's recovery and breakout. According to historical patterns, XRP could reach a new all-time high within 90 to 120 days. This timeline is based on the RSI chart, which shows important historical patterns that could provide insight into the cryptocurrency's future performance. However, it is important to note that this is a forecast and not a guarantee of future performance.
The legal battle between Ripple and the SEC has also been a significant factor in XRP's price movements. Lawyer Fred Rispoli predicts that the dispute could conclude within approximately two months, as both Ripple and the SEC have recently dropped their appeals. However, uncertainty persists about the precise final actions needed to resolve the matter. The SEC's final steps before an official announcement involve several bureaucratic steps, including the removal of an injunction placed on Ripple and a vote by the agency's commissioners on the ultimate resolution decision. If everything proceeds as anticipated, the final agreement could arrive well before the rumored August date.
The potential resolution of the Ripple Vs. SEC lawsuit could have significant effects on the company and the broader cryptocurrency market. A favorable outcome might reinforce Ripple’s standing within the financial technology landscape and boost investor confidence, leading to an XRP price surge. The crypto industry is watching closely, awaiting the commission’s decision, which will influence cryptocurrency regulations in the U.S. Until then, investors will remain watchful, waiting for the latest XRP news.
In addition to the legal battle, the market is also anticipating the potential impact of Grayscale's XRP ETF filing, which is currently under SEC review. A final decision is expected soon, and a strong recovery for XRP could follow market panic. However, it is important to note that this is a forecast and not a guarantee of future performance.
Overall, the market is closely watching XRP's price movements and the potential impact of the Ripple Vs. SEC lawsuit and Grayscale's XRP ETF filing. While there is uncertainty about the precise timeline for XRP's recovery and breakout, historical patterns and analyst forecasts suggest that a new all-time high could be on the horizon. However, it is important to remember that these are forecasts and not guarantees of future performance.
