XRP News Today: XRP Under Selling Pressure After TD Sequential Signal, Eyes $2.40 Support and $3.07 Breakout Potential

XRP faces renewed selling pressure following a TD Sequential sell signal on the 3-day chart, with the price currently at $2.87 and key support near $2.40 in focus. Traders and analysts are closely monitoring whether this level holds, as a break below could trigger further declines. Meanwhile, a falling wedge pattern, supported by the 200-period 4-hour EMA, suggests a potential bullish reversal if XRP moves above $3.07, offering a 20% upside opportunity [1].

On-chain data indicates significant market adjustments, with over $41 million in liquidations and open interest dropping to $7.79 billion. This reduction in leveraged exposure may signal a foundation for a price recovery. Additionally, the legal landscape remains a major factor influencing XRP’s market sentiment. Ripple and the SEC are expected to submit a status report by August 15, with analysts noting the possibility of dropped appeals and the release of $125 million in penalties, which could ease regulatory uncertainty [1].

The prospects for an XRP ETF approval also remain a key driver of market sentiment. Analysts estimate a 90% chance of approval by October, adding to the cautious optimism among traders. Maintaining daily closes above $2.80 is critical for preserving a bullish structure, although a temporary dip to $2.34 cannot be ruled out [1].

Technical indicators highlight the significance of the TD Sequential signal, which helps traders anticipate potential price corrections or rebounds. The $2.40 support level is widely regarded as a crucial area where buyers may step in to stabilize the price. A breakout above $3.07 would confirm the bullish setup and potentially spark a new upward trend [1].

Market participants are advised to remain vigilant as legal developments and ETF approval odds continue to shape XRP’s near-term trajectory. The convergence of technical patterns, legal clarity, and regulatory developments positions XRP at a pivotal moment, with outcomes expected to influence both short-term volatility and long-term investor confidence.

Source: [1] XRP Eyes Support Near $2.40 Amid Sell Signal, Possible Breakout Above $3.07 Considered (https://en.coinotag.com/xrp-eyes-support-near-2-40-amid-sell-signal-possible-breakout-above-3-07-considered/)