XRP, the digital asset underpinning Ripple’s global payment network, finds itself at a critical juncture, currently trading around 3,09 $. A recent attempt to breach the 3,32 $ resistance level faltered, signaling a notable dip in investor demand and a broader shift in market sentiment. This comes on the heels of the U,S, Federal Reserve’s latest interest rate decision, which, coupled with Chairman Jerome Powell’s cautious remarks, has left market participants navigating an uncertain landscape.
The Fed’s decision maintained a hawkish stance on interest rate cuts, with Powell emphasizing a “wait-and-see” approach. This prudent outlook, combined with the impending impact of higher tariffs, has injected a palpable sense of unease into the financial markets, including the typically volatile cryptocurrency space. Investors often react to such macroeconomic signals, with a stronger U,S, dollar, often a byproduct of hawkish Fed policy, potentially weighing on risk assets like cryptocurrencies.
Adding to the market’s apprehension is President Donald Trump’s reciprocal tariff deadline, set to take effect this Friday, julio 31. Countries that have yet to formalize new trade agreements with the U,S, will face increased export duties. While the White House secured a significant agreement with the European Union recently, it reportedly fell short of its ambitious goal of signing over 200 trade deals, managing only eight. High-stakes trade negotiations with China, a major global economic player, continue to face roadblocks, with their current truce expiring on agosto 12. The memory of the sell-off triggered by Trump’s abril 2 “Liberation Day” tariff announcement still lingers, preparing traders for potential heightened volatility as the weekend approaches.
The enthusiasm for XRP has noticeably waned since its peak of 3,66 $ on julio 18. Data from CoinGlass reveals a significant contraction in futures Open Interest (OI), which averaged 8,4 mil millones $ on Thursday—a 23% drop from its yearly high of 10,94 mil millones $ recorded just a week prior on julio 22. Open Interest, representing the total notional value of outstanding futures or options contracts, serves as a crucial gauge of market conviction. A sustained decline suggests weakening belief in XRP’s capacity to maintain an upward trajectory. This reduction also points to a decrease in leveraged long positions, making XRP more vulnerable to increased selling pressure as investors might be taking profits amid reduced buying momentum.
From a technical standpoint, XRP is currently battling to defend the crucial 3,00 $ support level. The daily chart presents a largely bearish outlook, reinforced by a “sell signal” from the Moving Average Convergence Divergence (MACD) indicator, which recently crossed into bearish territory. The Relative Strength Index (RSI) also reflects this sentiment, steadily declining towards the midline, indicating waning buying interest. Should selling pressure intensify, the next significant support zones are identified at 2,95 $ and the 50-day Exponential Moving Average (EMA) at 2,77 $. However, a successful defense of 3,00 $ could pave the way for a recovery, with eyes set on retesting the 3,32 $ resistance and, ultimately, the julio 18 record high of 3,66 $.
XRP/USDT daily chart
XRP faces a complex interplay of macroeconomic pressures and evolving market sentiment. While key technical support levels are being tested, the broader narrative of tariff implementation and cautious central bank policy continues to shape investor behavior. The coming days will be crucial in determining whether XRP can weather these headwinds or if a deeper correction is on the horizon.
Disclaimer: This article is for informational purposes only and should not be taken as financial advice. Always conduct thorough research before making investment decisions.
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