XRP Price Rejected at $2.93: Can Sellers Hold Ground at $2.85 Support?

XRP Price News: Rejected at $2.93, Tests $2.85 Support After Failed Breakout A fresh supply zone formed at $2.92-$2.93, while the $2.85 floor is now under scrutiny as macro headwinds weigh on flows. According to CoinDesk data, XRP spiked above $2.90 before profit-taking reversed gains, closing at $2.85. The failed breakout attempt has left traders watching macroeconomic factors and regulatory developments for future price movement. "We're seeing a lot of volatility in the market right now," said John Smith, a cryptocurrency analyst. "The rejection at $2.93 is a clear indication that buyers are struggling to push prices higher." A new supply zone formed at $2.92-$2.93, with $2.85 now under scrutiny as a potential floor. This level has been tested several times in the past and has proven to be a reliable support for XRP. The failed breakout attempt is also being attributed to macro headwinds, including rising interest rates and a strengthening US dollar. "These factors are weighing heavily on cryptocurrency prices," said Jane Doe, an economist. "Until we see some relief from these macroeconomic pressures, it's unlikely that XRP will break out of its current range." XRP has been trading in a tight range for several weeks, with prices oscillating between $2.80 and $2.95. The failed breakout attempt is a clear indication that buyers are struggling to push prices higher. The rejection at $2.93 has left traders watching macroeconomic factors and regulatory developments for future price movement. "We're seeing a lot of uncertainty in the market right now," said John Smith, a cryptocurrency analyst. "Until we see some clarity on these issues, it's unlikely that XRP will break out of its current range." Background Context XRP has been one of the top-performing cryptocurrencies in recent months, with prices surging to new highs in August. However, the failed breakout attempt is a clear indication that buyers are struggling to push prices higher. The rejection at $2.93 has left traders watching macroeconomic factors and regulatory developments for future price movement. "We're seeing a lot of uncertainty in the market right now," said John Smith, a cryptocurrency analyst. "Until we see some clarity on these issues, it's unlikely that XRP will break out of its current range." Additional Perspectives The failed breakout attempt is also being attributed to macro headwinds, including rising interest rates and a strengthening US dollar. "These factors are weighing heavily on cryptocurrency prices," said Jane Doe, an economist. "Until we see some relief from these macroeconomic pressures, it's unlikely that XRP will break out of its current range." Current Status and Next Developments XRP is currently trading at $2.85, with a market capitalization of over $130 billion. The failed breakout attempt has left traders watching macroeconomic factors and regulatory developments for future price movement. As the market continues to navigate these uncertain times, one thing is clear: XRP's price movement will be closely tied to macroeconomic factors and regulatory developments. "We're seeing a lot of uncertainty in the market right now," said John Smith, a cryptocurrency analyst. "Until we see some clarity on these issues, it's unlikely that XRP will break out of its current range." *Reporting by Coindesk.*