XRP Faces Critical Support Amid Korean Sell Pressure
- XRP has reached the crucial level of the 12-month rolling Volume Weighted Average Price (rVWAP) for the first time this year.
- 84% of XRP’s recent sell pressure originated from Korean exchange Upbit, highlighting a geographic concentration in selling activity.
- The current spot price is pressing into the rVWAP ribbon, with significant order-book bids positioned around the $2 mark.
The recent downturn in XRP’s price has brought it to a critical support level at its annual rVWAP, raising concerns about potential further declines if this level does not hold. The substantial sell pressure from Korea, particularly through Upbit, underscores regional influences on XRP’s market dynamics.
With XRP trading at $2.21 and significant bids around $2, maintaining above this psychological level is crucial to avoid further declines towards $1.80-$1.70 as predicted by analysts. (Source)
