XRP Shows Early Signs of Rebound Amid Selling Pressure, Potential Resistance Near $3 Explored

XRP has rebounded from a four-day decline, rising from $2.72 to $2.89 amid institutional selling pressure and macroeconomic uncertainty. The key resistance at $3 will determine if this recovery leads to a sustained rally.

Whales sold over 710 million XRP in 24 hours, intensifying downward momentum.

On-chain data indicates $2.80 as a temporary support, with stronger support near $2.48-$2.55.

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XRP rebounds after institutional selling and market uncertainty; watch $3 resistance for potential rally. Stay updated with COINOTAG’s latest crypto insights.

How is XRP’s price reacting after recent declines?

XRP’s price has shown a slight recovery after four consecutive days of decline, bouncing from $2.72 to $2.89 early Sunday. Despite this intraday gain, the token remains down 1.53% over the last 24 hours, reflecting ongoing selling pressure. This rebound may signal a potential momentum reset if XRP can break above immediate resistance levels.

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What factors contributed to XRP’s recent price drop?

Institutional selling played a significant role in XRP’s decline, with large holders offloading over 710 million tokens within 24 hours, according to crypto analyst Ali. Additionally, broader macroeconomic uncertainty has pressured the entire crypto market, exacerbating XRP’s downward trend. These combined forces pushed XRP below the psychologically important $3 mark.

What are the key support and resistance levels for XRP?

On-chain data suggests $2.80 acts as a temporary buffer for XRP’s price, while stronger support lies between $2.40 and $2.55. Analysts observe that XRP may be forming a double bottom pattern, which could lead to a breakout if the price closes above $3.30. Achieving and sustaining levels above $3 is critical for confirming a bullish reversal and targeting $3.60 next.

How could institutional activity influence XRP’s price trajectory?

Institutional inflows or continued outflows from exchanges will be closely monitored as indicators of market sentiment. Increased accumulation by whales could validate a bullish outlook, while further selling pressure might extend the downtrend. These dynamics will heavily influence XRP’s short-term price movements.

Frequently Asked Questions

Why did XRP fall below $3 recently?

XRP fell below $3 mainly due to large-scale institutional selling and overall market uncertainty, which increased selling pressure and pushed prices down.

How likely is XRP to recover soon?

XRP’s recovery depends on overcoming resistance at $3 and positive institutional activity. If these conditions are met, a sustained rally is possible.

Key Takeaways

• XRP rebounded from a four-day decline: Early Sunday trading showed a bounce from $2.72 to $2.89.
• Institutional selling impacted price: Over 710 million XRP were sold by whales in 24 hours.
• Critical resistance at $3: Breaking above this level is essential for a sustained rally.

Conclusion

XRP’s recent rebound highlights a potential shift in momentum after institutional selling and market pressures. Key support levels between $2.40 and $2.80 provide a foundation, but reclaiming $3 is crucial for confirming a bullish trend. Investors should monitor institutional flows and on-chain data closely as XRP navigates this critical phase.