XRP Slides 6% as Bitcoin Drop Slashes Bullish Sentiment

XRP's price fell sharply from $2.92 to $2.75, driven by heavy institutional selling amid a broader Bitcoin downturn. Over the past week, XRP's market value has decreased by over $18 billion as it struggles to maintain support at $2.75 after failing to breach resistance at $2.80. Trading volume surged to a spike of $276 million during this period, contributing to a nearly $19 billion loss in value. Traders are now watching closely whether XRP can hold the $2.75 support level or if it will dip toward $2.70. Despite recent SEC approval of the first U.S. XRP ETF, market sentiment remains cautious due to macroeconomic factors, including Powell's warnings about rising Treasury yields. The short-term outlook indicates that the price may continue to test immediate supports while facing selling pressure at established resistance levels. If $2.75 breaks, traders fear a move toward $2.70 may follow. The overall market sentiment remains pressured as market values fluctuate, reflecting a cautious environment for both XRP and the broader crypto landscape.

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