XRP Slides 6% as Bitcoin Drop Slashes Bullish Sentiment

Core Insights - XRP experienced a significant price drop, collapsing from $2.90 to $2.75 due to heavy selling, resulting in a loss of over $18 billion in market value [1][3] - The market is currently facing resistance at $2.80, with traders anticipating a test of the $2.70 support level [1][5] Market Performance - XRP's price fell by 5.83% from $2.92 to $2.75 during the Sept. 25–26 session, driven by institutional selling [2] - A notable volume spike of 276.77 million occurred at the $2.80 rejection point, which is more than 2.5 times the 24-hour average [2][6] - Over the past week, XRP's market value decreased by 10.22%, breaking below the psychological threshold of $3.00 [3] Price Action Summary - XRP traded within a range of $2.92 to $2.74, closing near $2.75, indicating a 6.3% intraday range [4][6] - After the rejection at $2.80, sellers dominated, creating a distribution zone that limited further price increases [4] - Recovery attempts were unsuccessful around the $2.81–$2.82 levels, confirming new resistance clusters [4][6] Technical Analysis - Current short-term support is identified at the $2.75–$2.77 range, with a potential downside risk towards $2.70 if this support is breached [5][6] - The volume during the rejection was significantly high at 276.77 million compared to the daily average of 108.42 million, indicating strong selling pressure [6] - The high-volume rejection suggests a distribution pattern, with short-term consolidation around $2.77 indicating market indecision [6] Trader Sentiment - Traders are closely monitoring whether the $2.75 support holds or breaks towards $2.70 during the Asia session [7] - There is a contrast between ETF optimism and actual money outflows, with a "sell-the-news" pattern observed [7] - Whale activity has been noted with $800 million in transfers over the past week, indicating positioning risks if selling resumes [7] - Macro factors such as Powell's hawkish stance and rising Treasury yields are contributing to market uncertainty [7]