XRP Dips Below $1.880 Amid Bearish Signals

XRP's price has weakened significantly, dropping below the $1.880 mark and failing to maintain gains above $1.950. The cryptocurrency is currently trading at $1.865, marking a 24-hour decline of 1.3%, a 7-day drop of 3.2%, and a 30-day decrease of 5.7%. This recent dip follows a failed recovery attempt above $1.920, with the price now facing resistance near the $1.90 level.

Price Action Details

XRP's current price stands at $1.865, with a 24-hour change of -1.3%, a 7-day change of -3.2%, and a 30-day change of -5.7%. Key support levels are identified at $1.850 and $1.8320, while resistance is near $1.9150 and $1.9350. Trading volume has increased by 15% compared to the 30-day average, suggesting heightened market interest. The market cap of XRP has decreased by 1.5% to $102.3 billion.

Driving Factors

The decline in XRP's price can be attributed to a bearish trend line forming with resistance at $1.9350 on the hourly chart of the XRP/USD pair, sourced from Kraken. On-chain data indicates a decrease in active addresses by 10% over the last week, supporting the bearish narrative. Significant transactions by whales, including a transfer of 50 million XRP to an unknown wallet, have contributed to the downward pressure. No specific news catalysts have been identified as directly impacting this price movement.

Broader Market Context

Compared to major cryptocurrencies, XRP's performance is underwhelming, with Bitcoin and Ethereum showing gains of 2.1% and 1.8% respectively over the last 24 hours. The DeFi sector remains stable, with total value locked (TVL) at $93.5 billion, showing a slight increase of 0.5% in the same period. The Fear & Greed Index currently stands at 45, indicating a neutral market sentiment. Analysts at CoinGecko suggest that XRP might face further declines if it fails to break above the $1.9150 resistance zone.

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