XRP Closes Under $3.00 Following Late Session Selloff
XRP closed Monday's session at approximately $2.99, down 1% due to increased selling pressure in the final trading hour. This drop was marked by high trading volume, indicating potential institutional distribution and stop-loss liquidations.
Technical Analysis Overview
XRP experienced fluctuations within a $0.11 range, from $2.94 to $3.10, showcasing nearly 4% intraday volatility. Key movements include:
- A bullish breakout on August 18 at 17:00 raised prices from $2.97 to $3.10, supported by a volume of 131 million—double the average.
- Resistance at $3.09 led to multiple rejections, with a consolidation around $2.99 following an aggressive pullback.
Market Movements
- XRP declined 1% in the last hour, dropping from $3.03 to $2.99 with spiking volumes of 5.26 million.
- Distribution intensified around the $3.00 level, causing stop-loss liquidations between 03:43 and 03:46.
- An earlier surge lifted XRP significantly but failed to sustain momentum.
Market Dynamics
The late-session decline confirmed institutional selling pressure near the $3.00 mark, undermining the breakout momentum. While support at $2.99 provided temporary stabilization, resistance at $3.09 continues to grow.
Technical Indicators Summary
- Range: $0.11 (3.8%) from peak at $3.10 to trough at $2.94
- Resistance: $3.09, consistently rejected
- Support: $3.00 psychological level under heavy distribution
- Risk: Potential decline toward $2.96 if unable to hold above $2.99
- Signal: Bullish triangle structure remains, but fading momentum suggests profit-taking.