XRP has hit a seller's wall at the resistance level of $3.09, and the price is currently being pulled back to the support zone of $2.96, where the bears are targeting. Although the token is still holding the important $3.00 mark, XRP's price action has shown a classic tug-of-war between buyers and sellers. With increasing trading volume and rising liquidations, investors are closely watching whether XRP can stabilize or is about to face a deeper pullback.
XRP Consolidating Around $3.00
The token reached a daily high of nearly $3.08 but quickly dropped, stabilizing around the psychological level of $3.00. Maintaining this level is crucial to uphold bullish sentiment, but the continued rejections at $3.07–$3.08 indicate that the selling side is still active.
The immediate support zone to watch for XRP is between $2.92 and $2.95. A break below here could bring XRP closer to the next major support level at $2.85, while a clear breakout above $3.10 could push the XRP price to $3.20.
Furthermore, market data shows robust trading volume growth, with daily trading increasing by over 10%. This increase indicates strong participation, although it has yet to translate into upward momentum. Instead, the token's price appears to be stuck in a consolidation phase, with buyers and sellers vying for dominance.
Indicators Pointing to Neutral Momentum
Technical indicators reflect the current hesitation. The MACD line is just above the signal line, indicating weakening momentum. The RSI around 46 shows a neutral state, not indicating overbought or oversold conditions.
These signals align with the short-term outlook for sideways, choppy trading until a decisive move occurs in either direction.
XRP Liquidations
Alongside chart signals, XRP's fluctuations have affected traders on both sides. In the past 24 hours, XRP traders have faced liquidations of $7.5 million. The pain is primarily on the bullish side, with $5.3 million in long positions being wiped out, compared to only $2.2 million in short positions.
Futures contracts dominate these losses, reflecting their increasing share in speculative trading. Notably, Bybit and Binance recorded the largest liquidations, while other platforms like OKX and Huobi noted smaller liquidations.
