Ripple (XRP) Uptrend 'Sudden Halt'…Selling Pressure Poured Out After Hitting $1.65 Wall

XRP Plunges After Failing to Break $1.65…If Even $1.55 Breaks, $1.48 is ‘Risky’

▲ XRP, cryptocurrency decline/AI generated image ©

XRP (Ripple) fell by 3.35% to $1.51 in one day after failing to break the $1.65 resistance level. Amid profit-taking accompanied by increased trading volume, a weak virtual asset market, and capital outflow from altcoins, the recovery of the $1.55 support level has emerged as a key short-term variable ahead of the XRP Ledger (XRPL) upgrade on September 29.

According to cryptocurrency market data aggregator CoinMarketCap on September 23 (local time), XRP traded at $1.51, down 3.35% over the past 24 hours. Previously, it had risen to $1.65 but encountered strong selling pressure at the 61.8% Fibonacci extension, a major technical resistance level. Subsequently, as the 24-hour trading volume increased by 9.82% to $7.81 billion while the price declined, selling pressure intensified after the failure to break the resistance.

The overall risk-off sentiment in the market also exacerbated XRP's decline. During the same period, Bitcoin (BTC) fell by 1.7%, and the total virtual asset market capitalization decreased by 1.74%. Furthermore, hawkish signals from the U.S. Federal Reserve (Fed) pressured risk asset investment sentiment, and CoinMarketCap's Altcoin Season Index also dropped by 8.16%, indicating a trend of capital flowing out of altcoins.

Technically, the key is whether XRP can maintain the $1.55 support. If XRP holds the 78.6% Fibonacci level of $1.55, there is a possibility of short-term consolidation, but if it falls below this level, there is a risk of further decline to $1.48. Conversely, to revive the uptrend, it is analyzed that XRP first needs to recover the 50% Fibonacci retracement level of $1.57 and then stabilize above that price.

The XRP Ledger Batch V1.1 upgrade, scheduled for September 29, was cited as a potential variable that will determine future rebounds. CoinMarketCap analyzed that the failure to break the $1.65 resistance level has tilted short-term momentum towards bearishness, with the overall weakening of the altcoin market adding further downward pressure. Accordingly, it is expected that whether buying pressure can recover and defend the $1.55 level, or if selling pressure continues to retest $1.48, will determine the short-term direction ahead of the upgrade.

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