Key Support Zone Tested After Sharp Downtrend
The price of XRP has slipped below the $2.80 support level, marking a bearish start to September as sellers dominate the market. This decline has pushed the cryptocurrency into a critical demand zone between $2.65 and $2.80, an area that could determine its short-term direction.
According to the 4-hour chart, XRP has been under persistent selling pressure since mid-August after failing to hold above the $3.20 resistance. The chart shows three major resistance zones:
- $3.10–$3.20 (nearest barrier)
- $3.40–$3.50 (secondary resistance)
- $3.60–$3.80 (long-term resistance)
Currently, XRP is trading near $2.75, testing a green support zone that historically triggered bullish rebounds in July. A decisive break below $2.65 could expose the price to further losses toward $2.40, while a strong bounce from this level may push XRP back toward $3.00.
Momentum indicators suggest that XRP could be entering oversold territory, which often precedes a technical bounce. Trading volume has also risen slightly during this decline, signaling possible buying interest at lower levels.
BITX crypto market analyst commented:
“XRP is at a crucial support level. If buyers defend $2.65–$2.80, we might see a relief rally toward $3.00. However, a breakdown below this zone could accelerate the bearish trend.”
Key Price Levels to Watch
- Immediate Support: $2.65–$2.80
- Next Support: $2.40
- Resistance Zones: $3.10, $3.40, and $3.60
With XRP trading near a major demand area and showing signs of being oversold, the next few sessions will be critical in determining whether the market experiences a short-term recovery or continues its downward trend.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.