Coin

<ul class="news-points wp-block-list" "wp-block-list"> 
 <li>XRP struggles to maintain momentum after failing to surpass $0.57 resistance.</li> 
 <li>Recent declines have brought XRP closer to the 200-day moving average support at $0.54.</li> 
 <li>The market remains uncertain, with potential further declines if key support fails.</li> 
</ul> 
XRP has been under intense selling pressure over the past few days, struggling to surpass the $0.64 resistance level. This inability to break through has led to a sharp 17% decline, bringing the cryptocurrency near its 200-day moving average at $0.54—a crucial support level for its ongoing price trajectory. 
Profit-taking has intensified the selling pressure, overshadowing other developments related to the token, causing XRP to continue its decline for the second consecutive session. 
On Tuesday, Ripple announced a partnership with Japanese financial giant SBI Digital Commodity to promote the use of the XRP Ledger within the Web3 community. Despite this positive news, which should have boosted XRP adoption, the price remained largely unaffected. 
Furthermore, just a week ago, <a href="https://coinedition.com/xrps-future-secure-even-with-sec-appeal-says-ripple-clo/">Ripple</a> concluded its nearly four-year legal battle, winning the case. While XRP initially rallied 30% to $0.64 following this favorable…
The post <a href="https://coinedition.com/xrp-faces-uphill-battle-as-selling-pressure-mount/">XRP Faces Uphill Battle as Selling Pressure Mount</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

XRP Faces Uphill Battle as Selling Pressure Mount

Coin Edition

Other articles published on Aug 16, 2024

Chainalysis Reports Increasing Ransomware and Fund Thefts in Cryptocurrency Sector

Dubai Says Yes to Crypto Salaries

Ethereum’s Gas Fees Dive to Lowest Since Mid-2019 Amid Increased Layer 2 Transactions

Bitget Wallet Hits 30 Million Users, Outpacing MetaMask in App Downloads in July (16 Aug)

Binance Labs New Investment: What is MyShell?

Crypto ETFs May Not Be the Boon for the Ecosystem As Some Believe

Join our free newsletter for daily crypto updates!