At the beginning of August, XRP shows signs of weakness in the market, raising concerns about possible further corrections.
Technical Analysis on the Weekly Chart
On the weekly chart, XRP shows a clear breakdown below the $3 support level. With the weekly candle close approaching, the current red candle looks likely to confirm a bearish divergence. This signal often indicates the beginning of a larger market slowdown or pullback.
Uncertainty of XRP Volatility
Unlike Bitcoin, which typically corrects more gradually, XRP is known for making sharp, sudden moves both up and down. If the bearish momentum continues, XRP may fall to around $2.50, equating to a roughly 13–14% decrease. A drop to $2 would represent a 30% decline.
Outlook and Possible Scenarios
On the daily chart, XRP recently bounced off the $2.90 level, but that support has now been broken. If this breakdown holds, it could lead to a deeper drop in the near term. The primary support zone is between $2.55 and $2.62. The ongoing market dynamics, including economic uncertainty and potential interest rate changes, could influence XRP's price movements.
The current situation with XRP and the patterns emerging on the chart do not bode well for optimistic prospects in the near future, especially amid the overall market pressure.
