Technical indicators highlight key support zones while traders eye next breakout levels
The cryptocurrency market faced mild pressure today as XRP slipped by 3%, trading near $3.02 after testing upper resistance zones. Despite its strong rally in recent weeks, the token is now encountering selling pressure at crucial levels, leaving investors questioning whether a sustained breakout is on the horizon.
Technical charts show that XRP faced rejection near the $3.20–$3.40 resistance band, an area where selling activity has consistently increased. The price drop underscores the importance of this zone as a barrier to further upside. At the same time, XRP remains well above its major support region between $2.80 and $2.85, which has acted as a cushion for buyers in recent sessions.
“XRP has enjoyed a strong run, but the inability to clear the $3.30 range signals consolidation in the short term. Until we see stronger volume on the upside, traders should expect back-and-forth movement,” said BITX market analyst.Volume data also reflects caution. Daily trading volumes have eased compared to the surge seen during XRP’s late August rally. Lower volumes often accompany pullbacks, indicating that many traders are waiting for a decisive move above resistance before committing fresh capital.
The 3% decline highlights XRP’s sensitivity to technical zones rather than broader market news. If bulls can defend the $2.80–$2.85 support region, the token may attempt another breakout toward the $3.40–$3.60 resistance in the near term. Conversely, a failure to maintain support could push XRP back toward the $2.60 range.
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.