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The cryptocurrency market experienced a sharp downturn at the start of the week, but prices quickly attempted a recovery. Bitcoin 
$90,357.50, after falling to $84,000, managed to climb back above the $86,000 range. Meanwhile, the main struggle for XRP is concentrated around the psychological level of $2. Maintaining the intraday support at $1.90 has encouraged short-term buyers again. Currently, XRP is priced around $2.02, with investors eyeing the resistance at $2.20.
Support at $1.90 Empowers XRP’s Push Towards $2.20
On the first trading day of the week, XRP dropped from $2.10 to $1.95, parallel to the general market sell-off. However, avoiding a sustained break below $1.90 allowed the price to turn upwards again. The technical outlook shows a 4-hour chart where the 20-day exponential moving average is concentrated around $2.20. This level stands out as the strongest resistance point in recent days.
The Relative Strength Index (RSI) hovering just above 30 indicates that XRP still resides in a weak zone, although the oversell pressure is gradually decreasing. The MACD indicator suggests that the selling pressure has not yet completely disappeared. If XRP can sustain stability above $2, a test of the $2.20 level appears technically feasible. Surpassing this level could shift XRP’s short-term target to the $2.35 – $2.40 range. Conversely, a break below $1.90 could trigger a new wave of weakening, potentially dropping the price to $1.60.
Global Finance Pressure Weighs On Prices, Focus on Japan
The primary reason behind recent declines in XRP and the general crypto market is increasingly seen as global financial conditions rather than company or project-specific developments. Crypto commentator Austin Hilton states that the recent approximately 10% XRP drop is not unique to the crypto market. During the same period, significant losses were observed in the Dow Jones, NASDAQ, and S&P 500 indices, with over $100 billion evaporating from global markets within hours.
Japan stands at the center of this pressure. The prospect of a potential interest rate increase by the Bank of Japan on December 19 is causing the long-standing “yen carry trade” transactions to unwind. Major funds, which borrowed in yen at low interest rates to invest in risky assets by converting to dollars, are compelled to close positions due to rising Japanese bond yields. This situation leads to simultaneous sell-offs across various asset classes, including cryptocurrencies and stocks.
Furthermore, a recent price-focused news from the US strengthened the market’s search for direction. It was announced that spot Bitcoin ETFs experienced a net outflow exceeding $450 million in recent days. During the same period, spot Ethereum 
$3,093.86 ETFs also saw weak inflows. The slowdown on the institutional monetary side is another factor currently limiting upward movements in altcoins, including XRP.
