XRP Price Stalled: Massive Selling Pressure and VWAP Resistance

XRP's recent price rally has been thwarted by significant selling pressure, preventing it from surpassing a key volume-weighted average price (VWAP) level tied to its all-time high. An analyst, Dom (@traderview2), highlights a substantial net outflow of 240 million XRP over the past week, with Coinbase and Upbit bearing the brunt of the selling. Despite attempts by passive buyers to support the price, XRP remains below the crucial ATH VWAP, currently around $2.47, acting as a ceiling for price increases since mid-May. The analyst's 12-hour Binance chart showcases two additional VWAPs providing near-term support: a one-month VWAP at $2.31 and a three-month VWAP at $2.28. A break below these levels could trigger a further price drop towards $2.20. The correlation between XRP and Bitcoin's price action offers little respite, with each minor Bitcoin rise met by increased XRP selling. This persistent selling pressure has left XRP trapped in a tug-of-war, with a potential upside towards $3.00 if the ATH VWAP is reclaimed, but a downside risk to below $2.00 if the $2.20 support breaks. Currently trading at $2.36, XRP's upward momentum appears stalled, waiting for a decisive break in either direction to dictate its next major move. The analyst emphasizes the clear technical picture: overcoming the ATH VWAP opens the path to $3.00, while losing the $2.20 support leads towards the $2.00 range. Until then, XRP's price action remains subdued due to the ongoing selling pressure.

(Source: https://www.newsbtc.com/xrp-news/massive-xrp-selling-pressure-stalling-price-action/)