Ripple’s Token Consolidates Near $2.80 After Volatile August
XRP is currently trading around $2.80, attempting to stabilize after a turbulent August that saw sharp swings between $3.70 highs and $2.65 lows. The asset remains up nearly 20% from July levels, but price action is now consolidating within a tight range, raising questions about its next move.
The 4-hour chart highlights a critical support zone between $2.65 and $2.70, which has repeatedly absorbed selling pressure. Above, immediate resistance lies at $3.00–$3.15, followed by stronger supply zones at $3.40 and $3.70.
“The market is clearly respecting $2.70 as a demand level,” According to BITX analysts. “A clean break above $3.00 would be the first sign that buyers are regaining control, but rejection here could extend consolidation for several more sessions.”
XRP’s earlier breakout from a prolonged downward channel in June sparked the rally to August highs. However, profit-taking and weakening momentum capped gains, sending price back into support. The current sideways structure suggests traders are awaiting a catalyst before committing to a new trend.
Volume data shows declining activity since the August peak, a sign of cooling enthusiasm. Still, the broader sentiment toward XRP remains cautiously optimistic given its ability to sustain higher lows compared to its pre-rally levels.
The immediate outlook hinges on whether XRP can flip $3.00 into support. Success here could open the path toward a $3.40 retest, while a deeper pullback risks revisiting the $2.65 base.
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.