XRP Slides 4% After Failing to Break $2.33 Resistance Level Thrice
XRP experienced a 3.7% decline in the past 24 hours, retracting from a daily high of $2.288 to settle near $2.260. This downturn follows three unsuccessful attempts to breach the $2.33 resistance level. While a short-term double bottom formed at $2.250, the diminishing volume during recovery rallies indicates persistent bearish pressure.
This price action contrasts with the recent optimism surrounding potential regulatory approvals and the anticipation of a spot Bitcoin ETF decision from Franklin Templeton later this month. The market’s reaction to the repeated rejections at $2.33 suggests buyer exhaustion. Although Ripple’s regulatory wins, including the approval of its RLUSD stablecoin in Dubai, initially generated positive momentum, the sustained inability to overcome the $2.33 resistance level signals a shift in short-term sentiment.
XRP’s position within the broader cryptocurrency market, particularly its role in global payments and its strategic partnerships in the Middle East and Asia-Pacific focused on real-world asset tokenization, could still support its long-term value proposition. However, the current technical indicators paint a less optimistic picture. The fading volume accompanying each recovery attempt underscores the prevailing bearish pressure.
A detailed technical analysis reveals key insights: the price dropped from $2.288 to $2.260, exhibiting a peak-to-trough range of 5.8%. The repeated rejections at the $2.33–$2.34 zone confirmed this level as significant resistance, forming a head-and-shoulders pattern with a neckline around $2.285. A double bottom emerged at $2.250 in the final trading hour, triggering a partial price recovery. Selling pressure peaked between 01:31 and 01:33 UTC, with over 7 million units traded. The subsequent recovery, starting at 01:53 UTC, showed higher lows, but the volume during this rebound was notably lower. Should the $2.25 support level fail to hold, the next downside target is estimated to be near $2.234. Traders should closely monitor the $2.25 support level for indications of further price movement.
