XRP (XRP) Price Teeters Between Key Support and Resistance Levels After Failed Breakout Attempt

XRP price has experienced significant volatility recently, with dramatic liquidation imbalances and failed breakout attempts. In just 24 hours, the token encountered massive liquidations, while its price continues to hover around key support and resistance levels. Will it be just another recovery from its recent drop or will XRP price keep surging to a new all-time high?

XRP price encountered massive liquidations in the past 24 hours, as the token’s failure to break through critical resistance levels led to a dramatic imbalance in derivatives liquidations.

According to data from Coinglass, more than $780,000 in XRP derivatives were liquidated, with a staggering 97.43% coming from long positions. These traders, who bet on the token’s price increase, faced the brunt of the liquidation as XRP failed to continue its breakout attempt.

The optimism surrounding the XRP price was initially sparked by a brief 1.5% price increase, which saw the token reach $0.54. However, instead of continuing its ascent, XRP faced a sharp rejection, dropping about 1.6% within 30 minutes. This rapid decline was further exacerbated by additional selling pressure, which pushed XRP down by almost 1.83%.

In total, the token experienced a 3.37% decrease, hovering around $0.50—a critical support level established in June 2022. Following a brief consolidation period, XRP price quickly adjusted, surging back up to $0.535.

XRP recently faced brutal rejection at the $0.55 level, a significant resistance zone that the token has struggled to break through. This rejection brought XRP closer to the bottom of an ascending trendline, hinting at further downside pressure.

Trading volumes also remained low, suggesting a lack of buyer interest. This makes it difficult for the token to regain strength above this resistance in the near term.

There are three critical price levels that traders should monitor closely:

As XRP continues to test these levels, volume will be the deciding factor. Without a major surge in trading activity, it is unlikely that the token will experience a substantial bullish move. Before another breakout attempt at the $0.55 resistance, XRP may need time to consolidate and regain momentum.

XRP's recent price action highlights the importance of market sentiment and key price levels. The $0.55 resistance has proven to be a major hurdle, while support levels like $0.50 and $0.48 will determine the token’s future direction. For traders, keeping a close eye on these levels and the trading volume is crucial. The market is showing signs of consolidation, but any breakout will require increased buying activity to push XRP past its resistance.

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