- XRP faces strong selling pressure, dropping 16.10% amid high market volatility.
- Key support at $2.30 holds; a breakdown may push XRP toward the $2.20 level.
- Analysts predict a potential XRP rebound, targeting $2.64 with 4.25% projected gains.
XRP has faced a sharp price decline, dropping by 16.10% in the past 24 hours. The asset is currently trading at $2.36, with a 24-hour trading volume of $12.34 billion. Despite this setback, XRP remains up by 4.38% over the past seven days.
The price movement has raised concerns among traders, with strong selling pressure and significant market volatility. The decline to $2.35 from a recent high of $2.81 indicates a shift in sentiment, leaving investors looking for key support and resistance levels to determine the next potential price direction.
XRP Faces Strong Selling Pressure
The steep drop in XRP’s price suggests heavy selling activity, contributing to the asset’s declining market cap. The 24-hour trading volume remains high at $14.64 billion, indicating strong market participation.
However, the market cap has fallen by 16.16%, reflecting the ongoing bearish sentiment. Investors are closely monitoring key price levels to assess whether XRP can recover or continue its downward trajectory.
Critical Support and Resistance Levels to Watch
XRP is currently testing the $2.30 support level, a crucial point for short-term price action. If the price fails to hold this level, it could drop further to the strong support zone at $2.20. A breakdown below $2.20 might trigger additional selling pressure, potentially leading to a steeper decline.
On the upside, immediate resistance lies at $2.50. A successful rebound above this level could indicate renewed bullish momentum. The major resistance zone between $2.80 and $2.81 serves as a critical barrier. If XRP surpasses this level with increased volume, it could regain bullish strength and attempt to move higher.
Technical Indicators Suggest Mixed Signals for XRP
The Relative Strength Index (RSI) currently stands at 46.53, indicating neutral momentum. If XRP pushes above the 50-55 range, it may confirm a stronger bullish move. The Moving Average Convergence Divergence (MACD) shows a slight bullish divergence, but the MACD line remains below the signal line. This suggests weak momentum, with a need for further confirmation before a decisive trend emerges.
XRP’s March Outlook: Can It Recover?
Coincodex analysts predict a potential recovery for XRP in March, with a projected price range between $2.38 and $2.64. The expected average price stands at $2.48, reflecting a possible 4.25% gain.
With a recent 17.20% loss in the past month, the possibility of a reversal remains. The estimated ROI of 11.02% presents an opportunity for long traders if bullish momentum returns.
