XRP Price Struggles Below Key Levels
XRP, the native token of Ripple Labs, is facing a bearish trend as its price dips below key support levels. At press time, XRP is trading at approximately 2,153 USDT, reflecting a 6.8% decline over the past 24 hours. Despite the price drop, trading activity is up 7%, signaling growing participation from holders worried about potential losses.
One factor contributing to the bearish momentum is the early unlocking of 1 billion XRP tokens, which has raised concerns about an increase in supply. Additionally, Coinglass reports a 31% drop in XRP’s open interest, indicating that many positions have been liquidated. Over 6.84 million USDT long positions were closed in the past day, signaling caution among buyers.
Technical analysis suggests that if XRP closes a daily candle below 2.15 USDT, it could target lower support levels of 1.88 USDT. Conversely, a push above the 2.65 USDT resistance could signal a bullish breakout, with potential targets as high as 5 USDT. Buyers remain divided on the token’s next direction, with some speculating an explosive rally in the long term.
