After surging through much of July, XRP is now under pressure as sellers regain short-term control. The token is currently trading around $2.95, down from its recent high of $3.66. This correction reflects weakening momentum and growing uncertainty about XRP Ledger’s practical use in institutional payments.
On the daily chart, XRP is pulling back after forming a double top near $3.66. A clear Change of Character (CHoCH) pattern has emerged below the $3.00 mark, signaling a potential short-term reversal. Price is also testing the $2.91 support level, which aligns with the 200 EMA on the 4-hour timeframe.
Technically, the outlook remains bearish. The DMI shows -DI crossing above +DI with a strengthening ADX, confirming downside momentum. Both the Parabolic SAR and MACD have flipped bearish, while the 1-hour RSI has dropped to 32—entering oversold territory but showing no bullish divergence yet.
