XRP News Today: XRP drops below $3.40 as bearish pressure intensifies ahead of $2.40–$2.60 support range

XRP is under significant downward pressure following its failure to hold the $3.40 support level, a crucial threshold identified by crypto analyst Michaël van de Poppe. The price has since retreated, with market participants closely watching for signs of a potential decline toward the $2.40–$2.60 range. This development has sparked discussions among traders and analysts about the next possible price action for the token [1].

The rejection at $3.40 has triggered increased selling momentum, raising concerns that further corrections may follow. Van de Poppe highlighted the significance of this level, noting that a breakdown could lead to deeper bearish pressure. The current market sentiment suggests a cautious outlook, with traders preparing for potential volatility ahead [1].

Interestingly, whale activity has surged in the aftermath of the U.S. Securities and Exchange Commission (SEC) case resolution with Ripple Labs. Market analyst Ali Martinez reported that large holders purchased 900 million XRP within 48 hours of the settlement, which led to a substantial increase in daily trading volume to $8.77 billion—a 69% rise from the previous day [1]. This accumulation suggests continued interest in XRP despite the recent price weakness.

Looking ahead, analysts have outlined key technical levels that will influence XRP’s trajectory. A breakout above $3.27 could set the stage for a recovery, with potential targets at $3.37, $3.51, and possibly $3.60. Conversely, a drop below $2.95 would invalidate bullish scenarios, reinforcing the bearish bias. The $2.40–$2.60 range, meanwhile, is being watched as a potential area for renewed buying interest [1].

Traders are advised to monitor these levels closely, as they represent critical decision points for both buyers and sellers. The $3.27 resistance level is particularly important, as it could determine whether XRP regains momentum or continues its downward trend. Meanwhile, the $2.40–$2.60 range offers a strategic entry zone for traders looking to position for a potential rebound [1].

Regulatory clarity, stemming from the SEC settlement, has helped attract attention to XRP. However, the token’s price performance remains largely dictated by technical dynamics and market sentiment. While the legal uncertainty has been reduced, price action continues to be driven by key levels and whale behavior [1].

In conclusion, XRP is navigating a complex market environment after the breakdown of the $3.40 level. With increased whale activity and clear technical targets in focus, traders are advised to remain alert for potential turning points. The next few days could be pivotal in determining whether XRP finds support in the $2.40–$2.60 range or continues its descent [1].

Source: [1] XRP Faces Selling Pressure After $3.40 Rejection: Could a Move to $2.50 Be Next? (https://en.coinotag.com/xrp-faces-selling-pressure-after-3-40-rejection-could-a-move-to-2-50-be-next/)