XRP’s recent price action has turned sharply lower, with the token falling 4.2% over the last 24 hours and signaling a potential breakdown from key psychological levels. Heavy selling pressure emerged late in the session, triggering a volatile decline from $3.06 to $2.93, while intraday volume surged to more than 169 million—triple its 24-hour average.
Volume Spike Confirms Resistance at $3.04
The decline began accelerating around 14:00 on August 6, when XRP dropped from $3.04 to $2.97 in just one hour. This shift was driven by a sudden volume burst, which pushed trading volume to 169.41 million—well above the daily norm of 52.73 million. That price drop effectively established $3.04 as a near-term resistance, while the sell-off validated $2.93 as a short-term support level.
Earlier in the day, XRP had touched a session high of $3.08 at 10:00, but buyers failed to hold that level, leading to a sharp reversal.
Late-Session Sell-Off Confirms Bearish Bias
By 02:00 on August 6, the price had slipped another 1%, from $2.94 to $2.92, confirming bearish pressure into the session close. The final leg down included a 1.6 million trade at 02:11, capping off a highly volatile trading window and posting fresh intraday lows.
Over the full 24-hour period, XRP traded in a $0.13 intraday range, moving between $3.08 and $2.93. While volatility isn’t uncommon in the altcoin market, the volume and timing of this drop suggest institutional sell pressure or large-scale liquidations.
Technical Outlook: Breakdown Risk Increases
Technically, XRP’s structure now points toward continued downside pressure. The failure to maintain levels above $3.00, combined with the breach of short-term moving averages, indicates a bearish continuation setup.
If $2.92 fails to hold, historical volume data points to the next support levels near $2.87 and $2.80. Current volatility remains elevated, and no clear reversal signals have been printed yet.
The consolidation zone has narrowed to the $2.96–$2.97 range, and traders are watching for a decisive move above or below that band in the next session.
What Traders Are Watching Next
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A reclaim of the $3.00 psychological barrier is seen as key for a bullish reset.
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Traders are monitoring whether bullish divergence appears on intraday RSI and MACD momentum indicators.
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Broader market sentiment remains cautious due to geopolitical tensions and signs of macroeconomic instability, both of which are influencing risk assets across the board.
Conclusion
XRP’s price drop, driven by one of the largest volume surges in weeks, has created a new set of trading levels that market participants are closely watching. While support has formed near $2.93, the inability to reclaim $3.00 keeps the bearish structure intact. Until momentum shifts or external catalysts change market sentiment, the downside may remain in play.
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