Selling Pressure Jumps 48% as XRP Sits on a Fragile Floor — What’s Next For The Price?
XRP's price is declining with increasing selling pressure from long-term holders and weakening volume, currently testing a critical support level at $2.10.Summary
XRP's price has dropped over 18% since November 10 and is currently trading near $2.15, within a bearish descending channel. Analysis reveals weakening buying pressure, indicated by a breakdown in On-Balance Volume (OBV), and a significant 48.6% increase in selling by long-term holders in just two days. This suggests the market hasn't yet found its bottom. The XRP price is now at a crucial support level of $2.10; a break below this could lead to a further decline towards $1.77. Conversely, reclaiming $2.41 would invalidate the bearish outlook and potentially push the price towards $2.58. Currently, the indicators point to a negative outlook unless $2.41 is retaken, making the $2.10 support level critical for XRP's stability.
(Source：BeInCrypto)