- XRP drops 2.07% in 24 hours, with trading volume down by 9.46%, signaling reduced market activity.
- Holding the $2.96 support could maintain bullish momentum; failure may signal further decline.
- A 5.68% drop in volume and a 3.97% decrease in open interest show investors are taking a more cautious approach.
Ripple (XRP) is currently trading at $2.96, with a decline of 2.07% over the last 24 hours. The trading volume during this period is at $5.65 billion, a decline of 9.46%. This implies decreased trading activity. The low volume and price decline indicate poor performance in the market.
Source: CoinMarketCap
During the last week, the price of XRP went down by 4.24%. This indicates that the value of the cryptocurrency has been steadily dropping. The decline suggests that investor sentiment has changed. XRP is currently struggling in short-term prospects.
XRP Faces Critical $2.96 Test for Future Market Direction
Crypto analyst Casi Trades highlighted that XRP has retested an important level, the backtesting of the $2.96 region, which aligns closely with the 0.382 Fibonacci retracement. This level will be important both in the short run and on a wider level, which makes it an important decision level in the market.
In case XRP maintains this support, it might retain its bullish momentum. The existing pullback might be a positive correction within a bigger upmovement. Nonetheless, the inability to sustain this level may be an indicator of some momentum breakdown and further decreases.
Source: X
Also Read: XRP Targets $4.10 After Bullish Rebound: August 2025 Outlook Unfolds
The relative strength index (RSI) of XRP is demonstrating a possible bullish divergence on lower timeframes. This indicates that XRP could be maintaining a price of $2.96. Nonetheless, the traders are careful. The market has been fluctuating, awaiting clarification of the course that XRP will pursue.
Drop in Volume and Open Interest Signals Caution
According to CoinGlass data, trading volume fell by 5.68% to $9.49 billion. The open interest in Ripple also decreased by 3.97% to $7.24 billion. The OI-weighted funding rate stands at 0.0100%. These signs indicate that the market sentiment has changed as investors take a more conservative response and are ready to follow the next step of Ripple.
Source: CoinGlass
The price behavior of cryptocurrency in the next few hours will play a crucial role. The price of Ripple might rebound in case the support of $2.96 is maintained. Failure to adjust to this level can result in further deterioration. The following days will reveal whether the token can retain its position or experience more losses. The market is keeping a close eye on whether a trend will be reversed or continue to rise.
Also Read: SHIB’s Bullish Breakout: Will It Reach $0.00001600 or Continue Falling?
