XRP has declined by 2.5% over the past 24 hours, currently trading at $3.20. This pullback comes despite a solid 10.39% gain over the past week. The decline seems to stem from recent profit-taking, key technical resistance levels, and mixed sentiment around ETFs.
Post-Rally Profit Taking
After climbing nearly 10% in a week and topping Grayscale’s leaderboard, XRP met selling pressure once it approached the $3.30 mark. Investors likely chose to lock in gains, triggering a wave of profit-taking.
Technical Resistance Holds Firm
XRP attempted to break through the $3.30–$3.45 range but failed to hold above it. This rejection confirmed a bearish signal on the 3-day chart, stalling the recent upward momentum.
ETF Speculation Cools Off
BlackRock recently denied any plans for an XRP ETF, dampening hopes of institutional investment inflows. This news weakened the bullish narrative around XRP.
Key Takeaway
Analysts had pointed to $3.30 as a crucial resistance level. Although XRP briefly hit this price on August 7, it failed to close above it, finishing the day at $3.20 instead. This triggered technical selling, stop-loss activations, and over $31 million in long position liquidations. The RSI (14) sits at 57.59, signaling neutral momentum, but bearish divergence is now visible. If selling continues, the next major support could be around $3.08, based on Fibonacci retracement levels.