XRP Stabilizes at $2.75 After Sharp Retreat From $3 — Traders Watch for Directional Clues
Market Overview:
XRP saw a sharp 9% pullback over a 24-hour period ending August 3 (04:00 UTC+7), falling from $3.02 to an intraday low of $2.75, before recovering modestly to $2.82. The downturn was driven by a spike in institutional selling, as trading volumes surged well above average levels. While buyers defended the $2.75 level, the price has yet to reclaim key resistance near $2.84, leaving the near-term outlook uncertain.
Key Metrics:
- 24H High: $3.02
- 24H Low: $2.75
- Close: $2.82
- Daily Loss: ▼8.91%
- Intraday Range: $0.27
Volume & Flow Analysis:
During the U.S. afternoon trading hours (14:00–18:00 UTC), XRP saw 222.24 million tokens traded — a 183% increase over its 24-hour average of 78.52 million. This surge in volume aligned with the sharpest price decline of the day, suggesting strong selling pressure from institutional players.
While the $2.75 support zone attracted buying interest, the rebound lacked conviction, with upside momentum stalling at $2.84. Late-session volumes fell to 650,000 XRP/min, down from peak levels of 3.7 million XRP/min, hinting at market fatigue or indecision.
Technical Picture:
- The sell-off found a short-term floor at $2.75, a level reinforced by high-volume turnover.
- Price is now consolidating in a narrow band between $2.75 support and $2.84 resistance.
- A decisive move above $2.84 could signal renewed bullish sentiment, while a breakdown below $2.75 may open the door for deeper losses.
Macro Environment Weighs on Sentiment
XRP’s weakness reflects broader market risk aversion, with geopolitical tensions, weak macroeconomic signals, and fading confidence in central bank support prompting investors to trim exposure to high-volatility assets like cryptocurrencies.
Altcoins have been particularly vulnerable, as capital rotates into more liquid and defensive instruments. The overall mood remains cautious, as traders await clarity on monetary policy, global trade developments, and the U.S. economic outlook.
What to Watch:
- Can XRP maintain its footing above the $2.75 support level?
- Will buyers gain momentum and push through the $2.84 resistance zone?
- Do upcoming macro events, including central bank commentary and geopolitical developments, shift market sentiment?
As the broader CoinDesk 20 Index remains under pressure, XRP’s ability to hold current levels will be a key signal for whether consolidation or further downside is more likely.
