XRP Falls Below $3 Amid Profit-Taking and Selling Pressure, Further Declines Possible Without Renewed Demand
Main Idea
XRP's price fell below $3 due to a failed breakout attempt and profit-taking, with technical indicators signaling strong bearish momentum and potential further declines.
Key Points
1. XRP failed to sustain gains above the $3 resistance level, reversing from a local high near $3.15.
2. The Relative Strength Index (RSI) dropped to 29, indicating strong bearish pressure and oversold conditions.
3. On-chain data shows increased XRP inflows to exchanges, driven by profit-taking rather than panic selling.
4. Binance’s liquidation heatmap highlights a concentration of liquidations above $3.20, suggesting a bull trap.
5. Technical indicators like the OBV (On-Balance Volume) confirm aggressive selling pressure, with short-term support near $2.90 at risk.
Description
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