XRP News Today: XRP Dips 3.8% as Bears Target $2.96 Support Amid Market Weakness

XRP faces bearish pressure as its price continues to decline, with the asset trading at $2.97 on Monday—a 3.8% drop in the past 24 hours—after breaching the $3.00 level [2]. This decline aligns with broader weakness in the cryptocurrency market, impacting major assets like Bitcoin and Ethereum [3]. The recent price movement has formed a double top pattern, similar to those seen in 2021, with resistance levels around $3.08–$3.09 repeatedly failing to hold [2]. A sharp selloff during the final trading hour of Monday saw XRP drop 1% on elevated volume, signaling potential institutional selling and stop-loss activity [2]. If the current support at $2.99 fails, the next critical level to watch is $2.96 [2].

Despite the bearish trend, there have been short-lived bullish attempts. On August 18, XRP surged from $2.97 to $3.10 during the 17:00 trading hour, supported by a trading volume of 131 million—nearly double the 24-hour average [2]. However, this momentum did not last, and the asset has since retreated to around $2.99, with no sign of breaking key resistance levels. The XRP/USDT pair has remained in a $0.11 range between $2.94 and $3.10 over the past 24 hours, reflecting high volatility and a fading bullish triangle structure [2].

Technical indicators suggest that XRP is in a period of consolidation, with profit-taking and holding pressure limiting further upside potential. Analysts have pointed out that if the asset can hold above $2.99, bulls may attempt a retest of the $3.08–$3.09 cluster [2]. However, repeated rejections of this level suggest it is a formidable barrier. Meanwhile, the broader crypto market has seen a 10% correction in XRP over the past week, consistent with a wider selloff [2]. On-chain data shows signs of potential strength, such as a supply drop and bullish divergence against Ethereum, but these signals remain unconfirmed as the market continues to consolidate [4].

In summary, the technical outlook for XRP remains uncertain. Traders and investors are closely watching for a confirmation of support at $2.96 or a potential rebound above $3.00, which could determine the next phase of price action [2].

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Source:

[1] Crypto Today: Bitcoin, Ethereum, XRP under pressure as ...

(https://www.mitrade.com/insights/news/live-news/article-3-1051006-20250819)

[2] XRP Rejects $3.09 Resistance, Bears Target $2.96 ...

(https://cryptoadventure.com/xrp-rejects-3-09-resistance-bears-target-2-96-demand-zone)

[3] Bitcoin's Technical Breakdown and Fed Watch Create High ...

(https://www.ainvest.com/news/bitcoin-news-today-bitcoin-technical-breakdown-fed-watch-create-high-stakes-crossroad-2508/)

[4] XRP Gains Strength On Supply Drop and Bullish ...

(https://bravenewcoin.com/insights/xrp-price-prediction-xrp-gains-strength-on-supply-drop-and-bullish-divergence-against-eth-breakout-brewing)

[5] Top Chart Patterns For Crypto Trading

(https://changelly.com/blog/crypto-chart-patterns/)