XRP does not exceed $2.67, declining alongside Bitcoin as updated Fed rate cuts drive further crypto market retraction.
XRP experienced a sharp rejection of resistance around $2.67. The price of the token fell to approximately $2.59 on the booming trading volume. This price movement is coupled with the fact that Bitcoin and the crypto market generally fell after the news of Federal Reserve rate cuts.
The volume shot up to about 393 million tokens, 658% higher than the average. This burst in volume was coupled with the unsuccessful breakout, implying that there is a lot of selling pressure.
On-chain information shows that high XRP accounts are dumping, which may be an indication of profit-taking as futures open interest is still high at approximately early-2025 highs of approximately 2.9billion.
The $2.67-2.69 area has become a major supply zone. The support is around $2.58 and also close to the 200-day exponential moving average of about 2.61.
Traders are advised to monitor these areas as breaking the price below 2.58 may lead to increased selling. On the other hand, a support rebound may seek to retest the resistance on the overhead or the upper levels of about $2.70 to $3.00.
The decline of Bitcoin amid the Fed’s easing policy propagated ripple effects among other altcoins such as XRP.
With the Fed facing expectations of a 25-basis-point rate cut, the crypto market, with Bitcoin leading, experienced some signs of correction. The failure of the XRP at resistance increased the risk of a more significant pullback.
Momentum indicators depict bearish movements; divergent RSI and MACD indicate that the momentum is deteriorating, even though the price is increasing.
There is institutional interest, but the sale of whale wallets implies that profit-taking is prevailing over new accumulation now.
The next few days will be critical: on-chain flows, futures action, and volume spikes will show whether XRP is correcting temporarily or beginning a bigger decline.
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