Ripple’s XRP recently encountered strong bearish pressure after testing resistance near $2.95, peaking close to $2.99 before a swift reversal. It closed at $2.8875 following a 5.8% correction, with key technical indicators like MACD and RSI signaling weakening momentum and increased selling interest. Trading volume remained active but uneven, with resistance at the 50-period moving average reinforcing downward pressure. The price action suggests a cautious outlook; further details reveal insights into underlying market dynamics.

Highlights

XRP tested resistance at $2.95 and formed a bearish engulfing pattern, signaling a reversal from recent gains.
Price dropped from $2.989 to $2.8759 within 24 hours, reflecting swift bearish pressure.
Technical indicators like RSI and MACD show weakening momentum and bearish divergence.
Key support lies between $2.90 and $2.91, with a potential double-bottom forming near $2.88–$2.89.
Volume spikes near resistance failed to sustain buying, while late selling pressure intensified.

Ripple’s XRP encountered notable bearish pressure after testing resistance at $2.95, forming a bearish engulfing pattern and closing at $2.8875 following a 5.8% correction. Price analysis reveals that XRP retraced from a high of $2.989 to a low of $2.8759 within a 24-hour period, reflecting a swift reversal from recent gains.

XRP faced strong resistance near $2.95, triggering a sharp 5.8% pullback to $2.8875.

The market trends during this interval indicated a shift from bullish momentum to increased selling interest, as XRP failed to sustain its advance beyond the psychological barrier near $2.95. Total trading volume for the period approximated 64.2 million XRP, with a notional turnover of $185.2 million, highlighting active participation but uneven conviction among market participants.

Technical indicators supported this observation; the on-balance volume revealed late selling pressure, and the Relative Strength Index (RSI) briefly entered oversold territory near the $2.89–$2.90 range. Meanwhile, the Moving Average Convergence Divergence (MACD) displayed bearish divergence after the peak at $2.989, signaling weakening upward momentum.

Market structure analysis showed key support forming between $2.90 and $2.91, with a potential double-bottom pattern emerging near $2.88–$2.89. Price action remained below critical moving averages—the 20- and 50-period—which indicated prevailing bearish control. The 50-period moving average, flattening near $2.94–$2.95, acted as resistance, reinforcing the rejection observed at that level.

Afternoon buying interest lacked follow-through, as late selling pressure intensified, resulting in a failure to maintain higher prices. Volume dynamics underscored the market’s uncertainty. Volume spikes near the $2.95–$2.99 resistance zone contrasted with declining volume during the subsequent price drop, suggesting weak selling momentum rather than a decisive bearish breakout.

Bollinger Bands widened, reflecting increased volatility and hinting at potential consolidation or a forthcoming breakout. Overall, market trends and price analysis demonstrate a cautious environment for XRP, with bearish signals prevalent despite intermittent buying attempts.