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XRP’s price experienced a sharp decline of approximately 5% over the past 24 hours, settling at $2.164. This downturn amplified the altcoin‘s weekly loss to nearly 10%. Despite several initiatives from buyers aiming for price recovery, sellers currently dominate the market. A significant price resistance lies at the $2.20 level, which buyers have yet to surpass. The intense selling volume has led to the breaching of critical support levels on the downside, casting a shadow over the altcoin’s short-term outlook.
Intense Selling Pressure Impacting XRP
Recently, the selling volume for XRP doubled, reinforcing resistance around the $2.19 level. Attempts by buyers to elevate the price to $2.179 were short-lived. Earlier in the day, another wave of high-volume selling drove XRP to a lower level of $2.162. The altcoin is currently hovering around the $2.164 mark. The support level near $2.147, known for past buyer interventions, is being closely monitored by market participants.
Analyst BullnChill highlights the unusual amalgamation of high trading volume and price decline, often suggesting a notable shift in market sentiment. Technical indicators point towards further potential declines unless momentum shifts. The descending channel formation on the hourly chart suggests the persistence of the current downtrend, indicating sellers remain in control.
Underlying Causes of Price Decline
Overall market conditions, coupled with the SEC’s delayed decision on ETF applications, have adversely affected XRP. Global uncertainties, notably the Iran-Israel conflict and unclear signals from central banks, have unsettled investors. Additionally, the postponement of decisions regarding several crypto ETF applications has exacerbated the negative outlook on risk assets like cryptocurrencies.
Experts believe these movements may be triggered by broader macroeconomic fluctuations, regulatory uncertainties, and pressures across the cryptocurrency market. Investors are keen to discern whether this signals a temporary disturbance or the onset of a larger decline for XRP. Developments such as Ripple 
$2‘s work on its RLUSD stablecoin and its expansion into regions like Dubai and Singapore have yet to generate notable optimism in the market.
While XRP faces substantial selling pressure, the cryptocurrency market’s unpredictable nature leaves room for potential reversals. Vigilance in market analysis remains crucial for stakeholders navigating these challenging times. Market participants continue to weigh regulatory developments and worldwide economic conditions as they attempt to decode the ensuing market trends.
