XRP News Today: XRP Falls Below $2.99 Amid Broader Crypto Market Weakness

XRP has fallen below the $2.99 level, marking a key turning point for the asset amid ongoing weakness in the broader cryptocurrency market. The coin has lost over 2% in a 24-hour period and currently trades at around $2.95, raising concerns among traders and investors. The failure to defend this critical support level suggests that XRP may test the $2.7 support zone in the near term, according to technical analysis.

Despite increased institutional adoption, including Ripple’s recent partnership with BDACS — a regulated crypto custodian in South Korea — XRP has not seen a corresponding boost in price. BDACS announced on August 5th that it now offers custody services for XRP, leveraging its integration with major local exchanges such as Upbit, Coinone, and Korbit. The firm also plans to expand support to Ripple’s stablecoin, RLUSD, in the future. This development is seen as a positive step for XRP’s institutional acceptance, yet it has not prevented the asset from falling in value.

Market dynamics remain bearish, with XRP having lost approximately 5% in the last seven days. The growing volume of sell pressure indicates that traders are positioning for further downside. On the XRP/USD 4-hour chart, the trend appears to be heading lower, with the price dropping from $3.04 to $2.97 on a significant trading volume of 169.41 million. Although a short-term bounce to the $2.89 level has provided some temporary relief, the overall momentum remains weak.

Key technical indicators reinforce the bearish outlook. The Relative Strength Index (RSI) stands at 51, suggesting a loss of bullish momentum. Meanwhile, the MACD lines are approaching negative territory, signaling potential for further decline. If XRP continues to lose ground, the next major support zone is expected to be around $2.72, which aligns with the 50% Fibonacci level at $2.78. A break below this area could accelerate the downward trend.

However, a reversal is not entirely ruled out. If XRP regains strength, it could test the TLQ resistance level at $3.29. A sustained recovery would need to break through the daily resistance at $3.40, a level that has historically hindered price advances. The likelihood of such a move remains contingent on a broader market upturn, which has yet to materialize.

The broader cryptocurrency market continues to struggle, with Bitcoin and Ethereum also underperforming. This systemic weakness underscores the challenges facing XRP, even as it gains traction among institutional players. The coming days will be crucial in determining whether the price can stabilize or if it will continue its descent toward the $2.7 level.

Source: [1] The $2.7 support level in sight as XRP bulls fail to defend price above $2.99 (https://invezz.com/news/2025/08/06/the-2-7-support-level-in-sight-as-xrp-bulls-fail-to-defend-price-above-2-99/)