It’s been a rough few weeks for XRP, honestly. After that big push earlier this month—you remember, when it almost hit $3.40—the price has just been sliding. Not a crash, exactly, but a steady, grinding pullback. It’s the kind of move that makes you check the charts a little less often. Analysts had been pointing to a possible downturn since July, and well, here we are.
That Bearish Divergence Is Playing Out
Looking at the weekly chart, the pattern they warned about is still very much in play. That “bearish divergence” they talked about near the peak wasn’t just noise. It typically signals that a pullback is coming, or at the very least, that the rally is running out of steam. And that’s precisely what’s happened. The momentum has cooled off considerably. I thought maybe we’d see a quick recovery, but this consolidation phase might just stretch right into September. It’s taking its time.
Where Things Stand Now
Right now, XRP is trying to find its feet. There’s a small bounce happening, but it feels tentative. The real test is that zone between $2.85 and $2.90. That area has been important before, acting as solid support. The bulls really need to push it back above there and hold it. If they can’t, the next stop looks like $2.75, a level that was tested just a couple weeks back.
And if $2.75 gives way? Things could get a bit messier. The next significant area where buyers might show up is between $2.55 and $2.62. A daily close below $2.75 would be a real red flag for a lot of traders, maybe confirming a breakdown from this descending triangle that’s forming.
The Bigger Picture Isn’t Helping
Speaking of that triangle, it’s hard to ignore. The resistance seems to be firming up around the $3.00 mark. Until XRP can muster the strength to break and close above that, the pattern suggests more downside is the easier path. It’s simple, really. No breakout above $3, more selling pressure.
A Bounce, But Not a Very Strong One
So we’ve got this minor bounce off a local low. But let’s be real—the buying volume behind it isn’t exactly convincing. It lacks oomph. Without a strong surge of buying to push it back above $2.90 and then tackle that $3.00 ceiling, the path of least resistance is still pointing down. It feels like the market is just waiting to see who blinks first, the buyers or the sellers. For now, the sellers seem to have the upper hand.
