XRP Falls Below $1.30 Amid Bearish Market Sentiment

XRP has experienced a decline, trading around $1.29 and dropping below the critical support level of $1.30 on Thursday. This downturn is attributed to ongoing bearish market conditions, exacerbated by the Federal Reserve's decision to maintain interest rates between 3.75% and 4.00%. Despite the rates remaining unchanged, inflation concerns and a cautious market outlook have dampened investor appetite for risk assets.

The long-to-short ratio for XRP currently stands at 0.82, indicating a bearish sentiment as shorts outweigh longs in the market. This ratio is nearing its lowest level in over a month, reflecting a lack of confidence among traders. However, XRP's funding rate remains positive at 0.0036%, suggesting that there is still demand for leveraged bullish positions despite the bearish long-to-short ratio.

Technical indicators for XRP show a bearish trend, with the daily Relative Strength Index (RSI) at 40, below the neutral level of 50, indicating limited buying momentum. The token faces significant resistance at the 100-day Exponential Moving Average (EMA) near $1.333, with further resistance levels at $1.357 and $1.372. A daily close below the $1.300 support could signal a deeper correction, while reclaiming these resistance levels may indicate a potential recovery.

In addition to XRP, the broader market sentiment remains cautious, with large sell-side orders dominating both spot and futures markets. This trend suggests that sellers retain the advantage, and XRP may continue to face challenges in gaining upward momentum.