XRP Tanks 8% After 1-Hour Network Outage—Crypto Twitter Loses It!
XRP continues to face selling pressure, currently trading at $2.51, down 7.3% following its sharp post-downtime decline.
The price has broken below the 50-day EMA ($2.61), signaling sustained bearish momentum. After briefly attempting to retest the broken trendline near $2.75, XRP faced strong rejection, confirming this area as a critical resistance zone.
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The chart highlights XRP retesting the downward trendline, a potential sell area where bears regained control. Failure to reclaim $2.75 suggests the bearish trend could deepen. Immediate support lies at $2.42, and a break below this level could trigger a drop toward $2.20, with $1.97 as the next major support.
Network Stability Concerns Linger
The recent 1-hour XRP Ledger downtime caused market jitters, with lingering concerns about network stability. While Ripple CTO David Schwartz confirmed the network has stabilized, the technical damage on the price chart is evident. XRP futures open interest has declined 12.2% to $3.65 billion, while 24-hour liquidations surged to $21 million, reflecting heightened volatility.
Institutional Inflows Provide Hope
Despite the sell-off, XRP maintains strong institutional interest. CoinShares reports $105 million in YTD inflows, with $15 million added last week alone. Efforts from asset managers like Grayscale to launch a spot XRP ETF continue to bolster long-term confidence.
XRP Technical Analysis
XRP is trading at $2.51, struggling to hold above key support after failing to break the descending trendline near $2.75. The rejection at this level, combined with a drop below the 50-day EMA at $2.61, signals persistent bearish momentum. Immediate support lies at $2.42; a decisive break below this level could accelerate losses toward $2.20 and potentially $1.97, marking key demand zones.
The Relative Strength Index (RSI) shows bearish divergence, suggesting waning buying pressure. Meanwhile, the bearish engulfing candlestick pattern reinforces the downside bias. For any bullish recovery, XRP needs to reclaim $2.75, flipping it into support. Until then, sellers remain in control, with short-term rallies likely facing strong resistance around the $2.61-$2.75 range.
Key Takeaways:
XRP rejected at the $2.75 trendline, confirming strong resistance.
Break below $2.42 could trigger further downside toward $2.20.
Institutional inflows remain strong despite short-term volatility.
XRP’s next moves will hinge on reclaiming key resistance or risking further declines.
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