XRP Price Support Cracks Under Pressure as Selling Mounts

XRP's price support is facing pressure as selling continues to mount. Despite a modest 2% drop on the day, the cryptocurrency has been steadily declining over the past week, with its recent range being compressed.

Ripple's news flow remains upbeat, with partnerships and network milestones contributing to the company's positive narrative. However, these developments have failed to offset the selling pressure, which has pushed XRP's price below its hourly MA-20 at $1.35 and MA-50 at $1.36.

The Ichimoku Kijun line at $1.36 is currently acting as a lid on any potential bounce attempts, while momentum readings are mixed, with the MACD and CCI signaling sell signals, while the RSI sits at a neutral-to-weak 41.2.