Resistance

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cryptocurrencies-experience-decline-due-to-market-selling-pressure/" data-wpel-link="internal">Cryptocurrencies Experience Decline Due to Market Selling Pressure</a><br></p>
<p style="text-align: justify"><strong>Bitcoin</strong>, Ethereum, Solana, and Ripple, experienced declines due to market selling pressure. <a href="https://en.coin-turk.com/current-state-of-ripple-xrp-amidst-market-challenges/" data-wpel-link="internal">XRP</a> faced a significant crash after breaking the support at $0.556. Following this break, a total of $11.2 million in long and short positions were liquidated.</p> 
<h2 style="text-align: justify" id="xrp-s-support-and-resistance-levels">XRP’s Support and Resistance Levels</h2> 
<p style="text-align: justify">When XRP broke the support, its price dropped sharply. Accordingly, XRP’s price fell to $0.43 before recovering to $0.46. It is worth noting that Ripple released 1.8 billion XRP tokens into the market, increasing the circulating supply just before the price drop.</p> 
<p style="text-align: justify">Despite this decline, major investors moved 75.36 million XRP tokens from Binance to an unknown wallet. This transfer is valued at $40.2 million. It is considered a strategic move by whales, suggesting they are taking advantage of the dips.</p> 
<h2 style="text-align: justify" id="xrp-price-analysis">XRP Price Analysis</h2> 
<p style="text-align: justify">Currently, XRP is trading at $0.46, having experienced a 14.5% price drop in the last 24 hours. During the same period, trading volume fell by 35%, reflecting market fear. XRP’s Open Interest (OI) also decreased by 7%, indicating reduced interest from investors and traders.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-377020 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/XRPUSDT_2024-08-05_12-56-58.png" alt="" width="1814" height="798"></p> 
<p style="text-align: justify">According to <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">technical analysis</a>, XRP remained in a bear market after breaking the critical support at $0.556. However, it failed to find support at the 200 EMA level of $0.52, signaling a negative outlook for XRP traders and investors. Losing this support led to further declines, with an additional 10% drop expected from the current price.</p> 
<h2 style="text-align: justify" id="liquidation-levels">Liquidation Levels</h2> 
<p style="text-align: justify">Currently, the main liquidation levels are set at $0.42 and $0.40. If market sentiment remains unchanged and XRP falls below $0.426, approximately $17.09 million in short positions will be liquidated. Conversely, if XRP rises to $0.52, $32.41 million in short positions will be liquidated.</p> 
<p style="text-align: justify">Despite market fluctuations, Ripple’s XRP token continues to attract investor attention. XRP’s recent rise to $0.65 had given investors some hope after a long period. However, the recent drop dashed those hopes, bringing XRP back to its starting point. Now, everyone is focused on whether the anticipated 10% drop will occur.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/cryptocurrencies-experience-decline-due-to-market-selling-pressure/" data-wpel-link="internal">Cryptocurrencies Experience Decline Due to Market Selling Pressure</a></h5>
<p>The post <a href="https://en.coin-turk.com/cryptocurrencies-experience-decline-due-to-market-selling-pressure/" data-wpel-link="internal">Cryptocurrencies Experience Decline Due to Market Selling Pressure</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Cryptocurrencies Experience Decline Due to Market Selling Pressure

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