Key Insights
- XRP price has dropped for the fourth straight session, with the asset now trading near $3.14.
- Heavy profit-taking came right after the surge from Ripple’s legal settlement with the SEC.
- Technical levels show the $3.13 support holding with resistance at $3.27–$3.31.
XRP Price fell again on August 12, which marked its fourth consecutive session in the red. The token hit intraday lows of $3.11 before recovering slightly to trade around $3.1422.
This pullback comes just days after XRP saw a sharp rally from Ripple’s settlement with the U.S. SEC. Trading volumes spiked 208% to $12.4 billion in the days after the news. However, selling pressure has returned as traders rush to lock in profits.
XRP Price Holds Support as Sellers Test the Market
The latest decline has brought the XRP price closer to some of its most critical technical levels. So far, multiple tests have been at $3.13 over the past two days.
This trend has confirmed this level as a strong support zone. On the other side, resistance forms between $3.27 and $3.31, with repeated rejections in this range.
This would mean that XRP is stuck within a price band between $3.31 and $3.13. The heaviest selling happened late on Monday, when the token fell from $3.20 to $3.15 on 73.87 million in volume. This activity indicates that large holders may rebalance their positions without entirely exiting the market.
All of this said, if the XRP price falls below $3.13, the next support level sits at $3.00. Interestingly, it is a psychologically significant round number.
If bulls control things further, XRP could find support around the 50-day exponential moving average near $2.89. After this, it may gain support near $2.78, where the 50% Fibonacci retracement level sits.
General Market Weakness Adds Pressure to XRP Price
The decline of XRP price is not happening in isolation. Bitcoin has been unable to stay above its essential price levels. On the other hand, Ethereum has held its ground above $4,000.
This Ethereum-based market health has contributed to declines in Bitcoin and most altcoins across the market. The cooling of ETF speculation has also been another determining factor.
Several XRP ETF applications are still under SEC review and have high approval rates. However, BlackRock’s denial of plans for an XRP ETF has reduced some bullish sentiment.
Technical Setup for Traders
Traders are watching support at $3.13, which is holding firm. However, resistance at $3.27 to $3.31 is another challenge.
A break above this resistance zone could trigger a push toward $3.60–$3.66. This aligns with analyst Ali Martinez’s XRP price prediction, which is going as high as $12 after breaking a “multi-year” triangle.
However, a rejection in this $3.13 zone could open the way for a drop toward $3.00. Below that, $2.78 and $2.40 are longer-term downside targets based onnacci retracement levels.
Institutional Activity Is Still Strong
Even with profit-taking, institutional interest in XRP is still high. Trading volumes are still above $9 billion, well above pre-settlement levels. Late-session buying on August 12 helped lift XRP slightly from its lows. This showed that some traders use the dips to accumulate positions.
Volume spikes during the final trading hours also show active participation from larger players. Over the next few days, market watchers will look for a breakout above $3.27 to confirm bullish continuation.
The $3.13 support level remains stable. More profit-taking could test its strength. Institutional inflow trends will also be key to monitor.
While short-term movement is under pressure, the longer-term picture for XRP has improved so far. If support levels hold and market sentiment stabilizes, the XRP Price could resume its trek upwards soon.
Leave a comment