- XRP trades above key $2.95 support with bearish MACD and neutral RSI; price action suggests short term consolidation.
- Price remains between 50-day MA at $3.12 and 200-day MA at $2.86; holding above MA200 is crucial to sustain bullish structure.
- A drop below $2.95 could lead to $2.80–$2.65; bounce with volume may lead to recovery toward $3.10–$3.20 resistance zone.
XRP’s price is entering a key phase, with the $2.95 support level important. On August 2, at the time of writing, XRP was trading at $2.97, a 1.74% increase over the previous 24 hours. Despite monthly gains of 30.4%, the asset is 6.49% down for the week.
Market cap rose by 1.73% to $176.44 billion, while daily trading volume dropped by 12.59% to $6.98 billion. XRP’s fully diluted value is at $297.5 billion, and its circulating supply reached 59.3 billion tokens.
Volume, Indicators, and Momentum Point to Consolidation
Price action shows that XRP rallied sharply in mid-July, moving from $2.10 to above $3.50, a gain of more than 65%. However, the price has since corrected and formed a descending pattern, with both lower highs and lower lows in recent sessions.
XRP is consolidating just above the $2.95 level, which previously acted as resistance. The RSI has dropped from overbought level to 49.51, showing neutral momentum. However, it must stay above 45 to avoid increased downside pressure.
Meanwhile, the MACD indicates weakening bullish momentum. The MACD line at 0.0995 is now below the signal line at 0.1712, and the histogram sits in negative levels at -0.0716. These data points align with reduced buyer strength.
Moving Averages and Price Position
The 50 day moving average is above the price at $3.12 and slopes downward, indicating short term bearish pressure. Meanwhile, the 200-day moving average is holding steady at $2.86 and continues to slope upward.
This places XRP between key averages, indicating indecision in the market. Holding above the MA200 is essential for maintaining a bullish market outlook.
Volume has decreased from July’s peak to the current $6.99 billion level, indicating diminishing bullish interest. However, holder count continues to grow, with wallets rising to 6.78 million. This steady increase shows strong network activity despite recent price fluctuations.
XRP Faces Tight Range
The technical range between $2.86 and $3.10 now defines the immediate outlook for XRP. Price staying above $2.95 may lead to renewed buying interest. However, a sustained drop below this level could shift sentiment further bearish.
Notably, the $2.86 support, coinciding with the 200 day moving average, forms a last defense before steeper declines. Volume and price reaction around this zone will define the short term trend.
Potential Price Outcomes for August 3
On the upside, a bounce from $2.95–$2.91 support, followed by rising volume, could send XRP toward $3.10–$3.20. However, a breakdown below $2.95 may lead to further declines to $2.80, with extended risk to $2.65 if selling pressure grows.
Final Word
XRP enters August with both bullish and bearish paths possible. The $2.95 level remains critical to watch. Indicators, volume, and moving averages suggest tight consolidation. Price reaction at this zone will likely dictate the next directional move.
Disclaimer : The content shared by The Daily Crypto Post is intended for informational and educational purposes only and does not constitute financial or investment advice. Readers are encouraged to do their own research or consult with a licensed professional before making any financial decisions. The Daily Crypto Post will not be accountable for any financial losses.
