The beginning of the weekly trading session has been predominantly bearish for the XRP price, despite signs of potential during the weekend trading. Following a rejection for the second time this month, the price has maintained a downward consolidation trend. What was initially thought to be a short-term pullback has escalated into intensified bearish activity, pushing the levels towards a critical support zone. The escalating selling pressure has raised concerns about a possible 10% to 12% pullback in the near future.
XRP’s price has dropped approximately 3–4% today, hovering around $2.85, as investors engage in profit-taking following the recent launch of a spot XRP ETF. The liquidation of over $15 million in long positions has accelerated the downward movement. The broader weakness in the crypto market has also had a negative impact, with both Bitcoin and Ethereum experiencing drops of over 2%. Technical analysis indicates strong resistance levels in the range of $3.30–$3.50, constraining XRP within a specific range. The prevailing macroeconomic uncertainties and cautious investor sentiment continue to weigh on altcoins, leading traders to anticipate a convincing breakthrough above the resistance level before expecting a resurgence in bullish momentum.
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XRP has experienced a nearly 4% decline, currently trading at around $2.85, breaking below its short-term trendline support. The price chart indicates a loss of momentum following multiple rejections near the $3.35–$3.63 resistance levels. The breakdown was accompanied by a surge in trading volume, confirming the presence of selling pressure. The next crucial support level is situated in the $2.65–$2.70 range, coinciding with the 200-day EMA, which could serve as a significant demand area. The slightly negative CMF (Chaikin Money Flow) suggests outflows. A potential rebound from the support zone could lead to a retest of $3.02, but a failure might expose XRP to further downside towards $2.50. Bulls would need a robust close above $3.00 to regain positive momentum.
On the other hand, XRP’s breach below $3.00 indicates short-term weakness, although the price action in September could remain range-bound if the $2.65 support level holds. A bounce from this zone could propel XRP back towards $3.02, with a successful breakout targeting $3.35 and potentially $3.63 later in the month. However, a failure to defend the $2.65 level could trigger a deeper decline towards $2.50. Traders are advised to monitor volume and CMF for indications of accumulation before anticipating a sustained recovery. September is shaping up to be a pivotal month for determining XRP’s next significant price movement.
