There was a sharp selling wave in XRP later in the day, and the price soon fell below an important support level. The sudden increase in transaction volume revealed that the decline was not a coincidence and that there was a strong selling pressure.
Price pressure continues
XRP, which was horizontal in the early hours of the day, fell from $ 1.36 to $ 1.33 in a few minutes. The rapid depreciation led to an acceleration of sales as the $1.35 level was broken down, and this level has now become resistance.
Although there was a short-term reaction, the recovery remained weak and the price could not regain the lost levels. The high volume generated during this period shows that there is no stable buyer power in the transactions.
The increase in volume recorded during XRP’s big move revealed that the market was busy with activity, but the price was struggling to rebound. The rapid downward trend of the price, which remained balanced on the support for a while, highlighted the fragility of the market.
Major levels and market outlook
The weak reaction following the price drop indicated that sellers continued to dominate the market. The increase in volume after the support was broken showed that this process was important for the market structure. Afterwards, it was observed that buyer interest decreased.
XRP is currently in a broad downtrend. It is possible to say that as volatility begins to decrease, momentum also weakens. This situation is seen as preparation for a new and big move, but the market does not yet give a clear signal regarding the direction.
With the loss of the $1.35 level, this point has now become a short-term pivot. The price may have difficulty balancing without exceeding this zone again. On the other hand, the $1.40-$1.41 range has not been breached in recent recovery attempts and continues to constitute a strong resistance.
On the downside, failure to maintain $1.33 makes it possible for the movement to continue towards the new demand zone in the $1.32-1.31 band. The pressure experienced in recent hours requires investors to be cautious.
Despite the lateral movement, a potentially high volatility is expected in the market. It is considered that the price has difficulty holding on to both resistance and support areas, so it will take time for a new direction to become clear.
