Overview:
* Current price: $XRP trading around $2.84, down about 4% over the past 24 hours. The market has seen fluctuations between $2.75 and $3.00.
* Market dynamics: Selling activity observed by institutions, leading to increased trading volume.
Support and resistance levels:
* Support: Strong support exists at $2.75.
* Resistance: Resistance ranges between $2.84 and $2.87, with psychological and technical resistance at $3.00.
Technical indicators:
* RSI: around 45, indicating bearish or neutral momentum.
* Chart pattern: A "descending triangle" pattern is forming on the 4-hour chart, with the potential to test $3.32 in case of a breakout.
* MACD: bearish crossover, indicating short-term selling pressure.
Short-term forecast (August 4):
* Overall trend: Forecasts vary, but the majority indicate neutral to bearish movements.
* Coinlore: expects a price range between $2.73 and $2.74, with a target at $2.79.
* TradersUnion: expects a slight decline of 3.5% to around $2.74.
* Changelly: expects a slight increase of 0.33% to $2.94, with a positive outlook.
General outlook:
* Most likely scenario: Neutral to bearish movements, with testing of support levels.
* Expected support: $2.75, with a potential support range between $2.78 and $2.83.
* Potential resistance: between $2.84 and $2.87.
* Note: Consolidation is expected to continue around support levels. If the price fails to break through resistance, it may experience sideways movement or a slight decline.
Simply put: In the short term, there is caution and vigilance in the market $XRP . The price may continue to fluctuate between support and resistance with a slight downward bias. Traders should monitor key support and resistance levels, as well as market reactions to any news or new developments.