XRP hits 15-week low amid strong selling pressure

XRP has fallen to its lowest level in 15 weeks as strong selling pressure has outweighed the impact of over 25 million XRP being withdrawn from exchanges, CoinDesk reported. The price of XRP recently fell from $1.3384 to $1.3208, hitting an intraday low of $1.314 before a slight rebound to around $1.32. The decline was reportedly triggered when the $1.3320 support level was breached amid a trading volume of 55.03 million. The report noted that every rebound attempt has been met with sell-offs, preventing accumulation signals from impacting the price. Despite spot XRP ETFs recording cumulative inflows of approximately $1.42 billion, this was insufficient to halt the downward trend. In the short term, $1.31 serves as a support level. A break below this could see the price test $1.28 and then $1.20. Conversely, a move above $1.34 could trigger a cascade of liquidations for large short positions accumulated in the $1.34 to $1.40 range, potentially leading to a sharp rally.