XRP Drops 4.2% as Resistance Holds at $3.04 and Support at $2.93

Traders are anticipating further downside as resistance is established at $3.04 and a support floor appears at $2.93 after significant trading volume.

Key Points

XRP dropped 4.2% from $3.06 to $2.93 with a total trading volume of 169.41 million.
The highest price of the session was $3.08, followed by a sharp decline starting at 14:00.
Final hour movement confirmed bearish sentiment, with an additional 1% decline recorded.
Resistance is now set at $3.04, while local support sits at $2.93.
Current consolidation range is between $2.96 and $2.97.

Technical Analysis

The price structure indicates rejection at $3.04, with potential continuation towards $2.93. A breach of short-term moving averages suggests ongoing downside risk. Elevated volatility persists without clear reversal signals. If $2.92 fails, next support levels are around $2.87 and $2.80.

Trader Focus Areas

Reclaiming the $3.00 psychological level and maintaining the $2.93 support zone.
Watching for bullish divergence on intraday momentum indicators.
Impact of broader market sentiment influenced by geopolitical tensions and trade instability.