XRP has fallen further, now hovering around $2.74, struggling to regain the $3 mark after recent crypto market liquidations. The token experienced a brief rebound but failed to surpass $2.99, falling short of investor expectations.
The broader cryptocurrency market is facing intense selling pressure. On Sept. 26, the total crypto market capitalization dropped over 2% in the past 24 hours, now standing at $3.85 trillion. While most major tokens saw declines, XRP took a particularly hard hit, plunging 2.9%.
Adding to market anxiety, former U.S. President Donald Trump announced new tariffs, effective October 1, on branded or patented pharmaceutical products not manufactured domestically. Historically, such macroeconomic news has amplified pressure on risk assets, including cryptocurrencies.
While Bitcoin and Ethereum have stabilized just below their previous thresholds, XRP broke key support levels, failing to hold zones that previously acted as resistance-turned-support. This shift in technical structure gives short-term control to bears until stronger buying interest emerges.
Even the recent approval of the first U.S. XRP exchange-traded fund (ETF) by the SEC has had limited impact. While ETF approval would typically boost optimism and attract institutional inflows, broader macroeconomic concerns have overshadowed this positive development.
Federal Reserve Chair Jerome Powell recently warned that financial markets may be overheating due to stretched valuations in certain asset classes. His cautionary remarks have prompted investors to retreat from riskier assets, including cryptocurrencies.
Data from CoinGlass shows XRP has lost as much as $18 billion in market capitalization over the past week since dipping below $3.
XRP Price Analysis
XRP has broken below its 30-day moving average of $2.7625, confirming short-term bearish momentum. Sellers are in control, driving the token to new lows. The moving average is trending downward, suggesting continued selling pressure unless a swift recovery occurs.
The Relative Strength Index (RSI) has dropped sharply to 24.43, placing XRP in oversold territory. While this typically signals that selling may be overextended and a technical rebound could occur, the current intensity of the decline suggests caution. Buyers may not step in immediately despite the oversold conditions.
In terms of downside risk, immediate support for XRP lies between $2.745 and $2.740, levels the token is currently testing. A decisive break below this range could open the door to further losses, with the next support likely around $2.725. If bearish pressure across the crypto market continues, XRP may struggle to hold these levels and could decline even further.
On the upside, a rebound would require XRP to first reclaim $2.760 and then challenge the $2.770 resistance zone. Surpassing the 30-period moving average would signal early stabilization, while a move above $2.770 could set the stage for a retest of $2.790.
