XRP has hit a sell wall at the resistance level of $3.09, and the price is currently being pushed back to the support area of $2.96, where bears are targeting. Although the token maintains the important threshold of $3.00, XRP's price action has shown a tug-of-war between buyers and sellers. With increased trading volume and rising asset liquidations, investors are closely monitoring whether XRP can stabilize or if it is about to face a deeper decline.

XRP is Accumulating at $3.00

The token reached a daily high near $3.08 but quickly dropped, stabilizing at $3.00. Maintaining this level is crucial for sustaining optimism, but the continuous rejection at $3.07–$3.08 indicates that the selling side is still active.

The immediate support area to watch for XRP is between $2.92 and $2.95. A break below this could bring XRP closer to the next major support level at $2.85, while a clear break above $3.10 could push XRP's price to $3.20.

Additionally, market data shows strong growth in trading volume, with daily trading increasing by over 10%. This rise indicates strong participation, although it has yet to translate into upward momentum. Instead, the token's price seems stuck in an accumulation phase, with buyers and sellers vying for dominance.

Indicators suggest neutral expectations

Daily XRP/USD price chart, Source: TradingView

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, neither indicating overbought nor oversold conditions.

These signals correspond to a short-term outlook for sideways trading, chaotic until a decisive movement occurs in one direction or another.

Source: Coinanalyze

Liquidation of XRP

Along with chart signals, XRP's volatility has affected traders on both sides. In the past 24 hours, XRP traders faced $7.5 million in liquidations. The pain is primarily on the buyer's side, with $5.3 million in long positions wiped out, compared to just $2.2 million in short positions.

Futures dominate these losses, reflecting their increased presence in speculative trading. Notably, Bybit and Binance recorded the highest liquidation amounts, while other platforms like OKX and Huobi noted smaller liquidation numbers.

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