 ▲ Ripple (XRP) |
XRP (Ripple) is facing downward pressure near the $1.35 level, heightening market tension over its short-term direction.
According to cryptocurrency market tracker CoinMarketCap on March 8 (local time), XRP fell about 0.93% over the past 24 hours to trade around $1.35. The decline is attributed not to a specific negative factor but to broader risk-off sentiment across the crypto market combined with an outflow of institutional funds.
The overall market downturn is cited as the primary cause. During the same period, Bitcoin (BTC) fell about 1.22%, while the total cryptocurrency market capitalization decreased by roughly 1.19%. Notably, data from SoSoValue showed that approximately $348.83 million flowed out of spot Bitcoin ETFs on March 6, dampening investor sentiment. Escalating geopolitical tensions in the Middle East further strengthened investors’ preference for safer assets.
Technical factors also added pressure to the price. XRP faced repeated rejection in the $1.36–$1.37 resistance zone, intensifying selling pressure. Trading volume surged as the price briefly dropped to $1.3473, but buying interest emerged around $1.35, allowing the level to act as short-term support.
Speculative activity also spiked in the derivatives market. According to CoinGlass, XRP futures trading volume on BitMEX jumped 1,185% to approximately $17.06 million. This indicates a sharp increase in positions aimed at capturing short-term volatility, contributing to price swings within a narrow range.
In the short term, the market has entered a phase of searching for direction between the $1.35 support level and the $1.36–$1.37 resistance zone. If XRP maintains support at $1.35, another attempt to break above $1.37 may follow. However, if the support level collapses, the next key support range is projected at $1.30–$1.32.
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