Traders Cautious as Volume Spike Signals Short-Term Battle Between Bulls and Bears
After showing signs of strength, XRP faced a sharp rejection at the $3.09 resistance level, sending signals of caution to traders watching for a decisive breakout. On August 18, during the 17:00 trading hour, XRP surged from $2.97 to $3.10 on 131 million in trading volume—more than double its 24-hour average of 66.8 million. The rally, however, lost momentum as sellers stepped in at a major supply zone.
Currently, XRP trades near $3.02, hovering above the $2.96 demand zone, which has acted as a reliable support area in recent weeks. If bulls fail to defend this level, analysts warn of a possible retest toward the $2.80 liquidity pocket. On the upside, a clean break above $3.09–$3.12 could open the door for a push toward $3.35 and $3.60 resistance zones.
BITX technical strategist noted, “The rejection at $3.09 highlights strong sell pressure in this region. Unless volume follows through, buyers could struggle to reclaim higher ground.”
The double-volume spike suggests heightened market activity, often a precursor to volatility. Short-term traders are closely watching whether XRP can hold above $2.96, which is being described as a “line in the sand” for bullish continuation.
With buyers defending $2.96 and sellers positioned around $3.09, XRP’s next move could determine whether momentum favors a retest of higher resistance levels or a deeper pullback. For now, market participants remain divided, but trading volume and support defense will be the deciding factors in the coming sessions.
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.