XRP failed to hold at $2.12, initial selling pressure appears! Although it briefly touched $2.17, XRP could not maintain its upward momentum, indicating that large holders may be reducing their positions rather than increasing them. The 24-hour trading volume surged by 38%, reflecting active institutional participation, but overall performance lagged behind the cryptocurrency market's 1.77% increase. News Background:
XRP rose 0.5% to $2.0925 on Tuesday, with trading volume far exceeding the weekly average, suggesting participation from professional funds. However, the upward momentum is insufficient, with $2.12 acting as a strong resistance. Technical Analysis:
After breaking $2.197, it quickly retraced, accompanied by 189.7 million tokens changing hands, confirming selling pressure above. In the short term, it is compressed in the range of $2.083-$2.17, with a neutral to bearish structure. The momentum oscillator shows a slight bullish divergence, but the decline in volume offsets this. Price Movement Summary:
After a strong opening, it slid to $2.083, liquidity clearing pushed it up to $2.17, but selling was rapid. The close consolidated between $2.09-$2.10, with $2.09 becoming a psychological support. Trader's Note:
Holding $2.09 will determine the short-term direction; if it breaks, look for $2.05-$2.00; a break above $2.12 requires volume verification, or it may continue to push to $2.17. Institutional participation resembles liquidity harvesting, watch for signals of range contraction. XRP's rebound is hindered, and the direction of large holders remains a mystery. What do you think?
