- Price of XRP fails to break the key resistance level at $3.09
- XRP now in a period of consolidation, testing the psychological $3.00 level
- Technical indicators show neutral momentum in line with the broader market indecision ahead of Fed Chair Jerome Powell’s speech at Jackson Hole today
XRP has run into a wall of sellers at the $3.09 resistance level and the price is now being pulled back to where the bears eye the $2.96 support zone. While the token is still holding the critical $3.00 mark, XRP’s price action has come out as a classic tug-of-war between bulls and bears.
With trading volume climbing and liquidations mounting, investors are closely watching whether XRP can stabilize or if a deeper pullback is coming.
XRP’s Consolidation Around $3.00
The token touched an intraday high near $3.08 but quickly retraced, settling around the psychological $3.00 area. Holding this level is significant for sustaining bullish sentiment, yet repeated rejections at $3.07–$3.08 show that sellers remain active.
XRP’s immediate support zone to watch is between $2.92 and $2.95. A breakdown here could send XRP closer to the next major support level which is closer to $2.85, while a clean breakout above $3.10 would likely clear XRP’s price to $3.20 level.
Related: Crypto Analyst Identifies Crucial Support for XRP at $2.81
Moreover, market data shows a healthy uptick in volume, with daily transactions climbing more than 10%. This increase signals strong participation, though it has not yet translated into upward momentum. Instead, the token’s price action appears stuck in consolidation, with bulls and bears struggling for dominance.
Indicators Point to Neutral Momentum
Technical indicators echo the current indecision. The MACD line sits only slightly above the signal line, suggesting momentum is fading. RSI readings around 46 indicate neutrality, pointing neither to overbought nor oversold conditions.
These signals align with a short-term outlook of more sideways, choppy trading until a decisive move is made in either direction.
XRP Liquidations
Beyond chart signals, XRP’s volatility has hit traders on both sides. Over the last 24 hours, XRP traders absorbed $7.5 million in liquidations. The pain was mostly on the bullish side, with $5.3 million in long positions being wiped out, compared to just $2.2 million for shorts.
Related: “History Is Being Made”: Top Analyst Issues Major Bullish Call on XRP
Perpetual contracts dominated these losses, reflecting their growing share of speculative trading. Significantly, Bybit and Binance recorded the largest liquidations, while other platforms like OKX and Huobi saw smaller figures.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Source: https://coinedition.com/xrp-fails-3-09-resistance-as-bears-try-to-push-xrp-price-back-to-2-96/