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- XRP slid under $2.96 after failing $3.08, trading weakly below 100-hour SMA resistance.
- Support at $2.92 holds key as bearish momentum threatens deeper fall toward $2.80.
Ripple’s XRP faced a strong rejection near the $3.08 barrier and slipped into a downward trend, pulling prices below $2.96. The coin is now trading under both the 100-hourly Simple Moving Average and a pressing bearish line, with resistance sitting close to $3.02.
After failing to push past the $3.085 level, XRP mirrored the pullback seen in Bitcoin and Ethereum. It lost ground below $3.065 and $3.050, then fell under $2.980, giving back nearly half of its earlier gains from $2.824 to $3.080. The present bearish pattern suggests continued pressure if the $3.05 zone remains unbroken.
Support at $2.92 has become the crucial level traders are watching. This point also matches the 61.8% retracement of the last upward move. A clear drop below $2.885 could send XRP toward $2.80, with another support level near $2.78. Failure to defend these levels would likely fuel deeper bearish momentum.
XRP Bulls Eye $3.02 Breakout Level
If bulls manage to hold $2.92, XRP may experience a short-lived rebound. The initial barrier lies at $3.00, with more substantial resistance around $3.02. A breach above would potentially open the path towards $3.08 and $3.12, with the next ceiling at $3.15. A failure to close above $3.02 would leave the market leaning toward further downside.
Technical indicators signal weak sentiment. The hourly MACD has slipped deeper into bearish territory, and RSI trades beneath the level of 50, indicating that bears continue to dominate in the short term.
Derivatives markets also reflect the declining momentum. Trading volumes fell significantly by 17.75% to $6.84 billion in the last 24 hours, suggesting lower speculative appetite. Open interest dropped by 3.78% to $7.78 billion.
XRP Long-Term Chart Still Favors Growth
Despite prevailing weakness, optimism remains for the long term. Global Macro Investor CEO Raoul Pal stated that XRP is set up for another rise cycle as capital is moving from Bitcoin.
He shared a chart dating back to 2014 that displays repeating long-term consolidations within triangular patterns followed by rapid rallies. A major breakout occurred in early 2017, driving the coin to its $3.3 high in January 2018.
Another prolonged triangle that formed from 2021 to late 2024 broke out upward in November, taking XRP through $1, $2, and $3 in weeks. Since that move, the token has formed a smaller pennant, generally regarded as a continuation signal in technical patterns.
XRP is trading just under $3 in this narrow band. A move above the higher boundary would confirm that the November 2024 rally is not yet complete. Pal described this as the “full port” phase, which would suggest further potential upside.
However, failure to maintain the formation could wipe out gains, pushing prices back into the $1.7–$2 range. With current weakness at $3.08 resistance and pressure building near $2.92, the next sessions will decide whether buyers can hold ground or bears will force another correction.
