XRP Down 4% as Global Economic Tensions Trigger Market Selloff
XRP fell as much as 6% over the past 24 hours as global economic tensions rattled financial markets, triggering a wave of liquidations and pushing prices below key support levels. The token dropped from $2.20 to $2.14 as the broader crypto market shed 3.81% of its value, settling at a total market cap of $3.3 trillion.
The volatility comes in the wake of the U.S. Court of International Trade’s decision to overturn Trump’s trade tariffs, reigniting trade policy concerns and sending ripples across risk assets. XRP wasn’t immune, with over $29.68 million in long positions liquidated as traders scrambled to adjust their exposure.
Price-Action
Technically, XRP found strong selling pressure at the $2.21 resistance level, failing to mount a sustained recovery. A notable support zone emerged near $2.11, with high-volume buying during the 03:00 hour preventing further downside. Recent consolidation between $2.13 and $2.14 suggests potential stabilization — though the pattern of lower highs indicates sellers remain in control.
In the final trading hour, XRP formed a higher-low pattern around $2.135, signaling potential short-term support. However, the token also faced resistance at $2.144-$2.145, forming a tight range that traders will be watching closely for the next breakout or breakdown.
Technical Analysis Recap
As XRP navigates the crosswinds of macroeconomic tensions and technical headwinds, traders will be closely watching for any signs of sustained support or further breakdown.
This article has been published in yahoo.com via Yahoo News.
