XRP has experienced a significant drop after failing to maintain the $3.40 support level, with analysts suggesting a potential entry zone between $2.40 and $2.60.
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XRP lost crucial support at $3.40, indicating further downward momentum.
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Whales purchased 900 million XRP following the SEC case settlement, boosting trading volume.
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A break above $3.27 could target $3.37, $3.51, and $3.60; a drop below $2.95 cancels bullish scenarios.
XRP faces selling pressure after a rejection at $3.40, with potential support at $2.40–$2.60. Traders are watching key technical levels for future movements.
What Happened to XRP After the $3.40 Rejection?
XRP is facing strong selling pressure after failing to hold the $3.40 level, which was deemed crucial by crypto analyst Michaël van de Poppe. The price has not yet reached the $2.50 region, but the market sentiment indicates a potential decline.
Why Did XRP Drop Below $3.40?
The rejection at $3.40 has led to increased selling momentum. Van de Poppe noted that this level was critical, and losing it could trigger a deeper correction. The price has since moved lower, with a focus on the $2.40–$2.60 entry zone.
Whale Accumulation and Market Activity
Market analyst Ali Martinez reported that large holders purchased 900 million XRP within 48 hours following the resolution of the Ripple Labs and SEC case. This buying activity has significantly increased daily trading volume to $8.77 billion, a 69% rise from the previous day.
What Are the Key Levels for XRP Moving Forward?
Analysts suggest that a break above $3.27 could lead to targets of $3.37, $3.51, and possibly $3.60. Conversely, a drop below $2.95 would invalidate bullish scenarios. The $2.40–$2.60 range is highlighted as a potential buy zone for traders.
Frequently Asked Questions
What should traders watch for in XRP’s price movement?
Traders should monitor the $3.27 resistance level and the $2.40–$2.60 range for potential buying opportunities.
How has regulatory clarity affected XRP?
Regulatory clarity has boosted interest in XRP, but market direction remains tied to key technical levels.
Key Takeaways
- XRP’s price dropped below $3.40, indicating potential further declines.
- Whale activity increased with significant purchases following the SEC case resolution.
- Key resistance levels are critical for determining future price movements.
Conclusion
In summary, XRP is navigating a challenging market after a rejection at $3.40. With key support levels identified and increased whale activity, traders are advised to stay vigilant for potential buying opportunities in the $2.40–$2.60 range.
