XRP Loses 3.5% in Matter of Hours: What's Next for Price?

utoday
07-15

The rapid rally of XRP has reached a solid wall. The asset dropped more than 3% of its value in a matter of hours, falling from recent highs around $2.95 to below $2.90. Following an overextended run in which XRP gained more than 30% in less than a week, this quick correction highlights how brittle the uptrend has become. The chart pinpoints the exact location of the problem. 

The RSI pushed to 77 levels that typically prompt profit-taking as XRP entered overbought territory following a clean breakout above $2.50 and an explosive vertical move. Market turbulence in general, especially the sharp decline in Bitcoin, hastened the retreat. Defensive selling erupted after a huge Bitcoin whale allegedly transferred more than 16,000 BTC, or about $2 billion, to Galaxy Digital's over-the-counter desks. 

XRP/USDT Chart by TradingView

Bitcoin itself dropped over $6,000 from its peak, and altcoins like XRP were nearly immediately pulled into the red by the ripple effect. With liquidity low and confidence shattered, even slight selling pressure became a retracement. One of the few bright spots is that XRP is still above all of the major moving averages from a technical standpoint. 

If the decline continues, the 50-day EMA, which is close to $2.27, and the 200-day EMA, which is much lower at $2.15, both provide some structural support. But the inability to maintain above $3.00 is a glaring indication that buyers are reluctant to make new investments and that momentum is slowing down. If Bitcoin stops bleeding, XRP may eventually stabilize in the $2.70-$2.80 range. 

However, if whale selling continues to push Bitcoin lower, XRP is probably going to retest support at $2.50. More volatility in the near future is suggested by the retrace's already-increasing volume. XRP needs to convincingly regain $2.95 and maintain that level with high participation for recovery to occur. 

In its absence, traders will likely continue to digest gains and prepare for whatever Bitcoin does next, which could lead to further retracement or consolidation. The short-term outlook has quickly become uncertain, but the long-term picture has not fallen apart. More erratic sessions are to be expected before a distinct pattern appears. 

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