XRP Slides 4.2% as Volume Spikes to 169M, Bearish Momentum Builds Below $3.00
XRP saw a sharp sell-off on August 6, closing the 24-hour session down 4.2% as elevated trading volume signaled intensified bearish pressure. The token fell from $3.06 to $2.93, with a decisive reversal kicking in after hitting a session high of $3.08 at 10:00.
Key Breakdown Triggered at $3.04
The most aggressive leg of the decline occurred between 14:00 and 15:00 when XRP dropped from $3.04 to $2.97 on a 169.41 million volume spike — more than three times its 24-hour average of 52.73 million, according to CoinDesk Research. This move solidified $3.04 as interim resistance while confirming $2.93 as a near-term support level.
Late Session Weakness Confirms Bear Control
Final-hour price action reinforced the bearish trend. XRP shed an additional 1% between 01:15 and 02:14, touching fresh intraday lows at $2.92 following a late 1.6 million volume surge at 02:11. The session spanned a $0.13 range between $3.08 and $2.93, with price consolidating around the $2.96–$2.97 area post-selloff.
Technical Outlook: Downside Risks Persist
Technical structure suggests ongoing downside pressure as XRP failed to reclaim the $3.00 psychological level. The breach of short-term moving averages and high-volume rejection at $3.04 confirm seller dominance. Unless $2.93 holds, the next support zones lie at $2.87 and $2.80, based on historical liquidity areas.
Volatility remains elevated with no bullish divergence visible yet on intraday momentum indicators.
Traders Are Monitoring:
- A potential reclaim of $3.00 and defense of the $2.93 support base.
- Signs of reversal through momentum divergences or waning sell volume.
- Broader macro headwinds, including geopolitical stress and escalating trade tensions, which continue to weigh on risk assets across markets.
