Traders brace for continued downside as resistance caps at $3.04 and $2.93 floor emerges following 169M volume flush.
What to Know
XRP fell 4.2% during the 24-hour session ending August 6 at 02:00, retreating from $3.06 to $2.93 in a volume-driven breakdown. The session’s high of $3.08 was hit at 10:00 before a sharp reversal set in. Price action accelerated at 14:00 when XRP fell from $3.04 to $2.97 on a 169.41 million volume surge — over 3x its 24-hour average of 52.73 million — establishing $3.04 as interim resistance and validating $2.93 as a local support floor.
Final-hour price action confirmed bearish control. XRP slid 1% from $2.94 to $2.92 between 01:15 and 02:14, completing a high-volatility session that saw a $0.13 swing, or 4.2% intraday range. A late 02:11 volume burst of 1.6 million sealed the decline as the token printed fresh intraday lows.
Price Action Summary
- XRP traded within a $0.13 range between $3.08 and $2.93.
- Price collapsed 4.2% on 169.41 million total volume.
- Peak decline occurred between 14:00 and 15:00 with the highest hourly sell volume.
- Final hour saw 1% additional downside, led by a 1.6 million trade at 02:11.
- Resistance caps at $3.04; support forms at $2.93.
- Consolidation range now sits between $2.96 and $2.97.
Technical Analysis
Price structure confirms rejection at $3.04 with immediate downside to $2.93 on above-average volume. The breach of short-term moving averages and failure to sustain above $3.00 point to continuation risk. Volume spikes during key selloff windows support the bearish bias.
Volatility remains elevated with no clear reversal signals printed. If $2.92 fails, next support zones lie near $2.87 and $2.80 based on historical volume nodes.
What Traders Are Watching
- Reclaim of $3.00 psychological level and defense of $2.93 zone.
- Whether bullish divergence emerges on intraday momentum indicators.
- Broader market impact from macro risk-off sentiment driven by geopolitical tensions and renewed trade instability.