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Why XRP Price Is Down Today—Market Fears and ETF Rejections to Blame?
- XRP price dropped nearly 5% over the past 24 hours, facing high selling volume and breaching key support levels.
- The token fell from $2.254 to $2.164, marking a weekly loss of close to 9%, with resistance observed at $2.20.
- Heavy selling pressure was prominent near $2.19, with a significant increase in trading volume.
- Despite attempts to push the price to $2.179, XRP quickly declined to $2.162, hovering around $2.164.
- Global uncertainty, U.S.-China trade tensions, and ETF rejections have contributed to the negative sentiment in the market.
- Analysts suggest that the combination of heavy volume and price drop may indicate a shift in market sentiment driven by broader macro volatility.
- Ripple's initiatives, like the RLUSD stablecoin and expansion in Dubai and Singapore, have not yet boosted optimism.
- Technical analysis indicates a potential continuation of the downtrend in XRP unless there is a shift in momentum.
- A descending channel on the hourly chart suggests the possibility of further downside, with $2.20 needing to be reclaimed for a more positive outlook.
- While selling volume is decreasing, the overall trend for XRP remains bearish, pending a successful breach of $2.20.
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