XRP Tumbles to Two-Week Low After Volume Surge Shakes Market
XRP has just experienced a sharp and sudden reversal that caught traders’ attention across the crypto market. In a highly active trading session ending August 6, the token dropped 4.2%, sliding from a high of $3.06 to touch $2.93 — its lowest point in two weeks. What made this move stand out wasn’t just the price drop, but the sheer trading activity that accompanied it. A massive 169.41 million tokens changed hands during the session, more than three times its average 24-hour volume of 52.73 million. This surge in trading volume acted like fuel for the selloff, accelerating the decline.
The session began relatively stable, with XRP reaching as high as $3.08 by mid-morning. But the mood shifted dramatically around 2 p.m. At that point, the price fell sharply from $3.04 to $2.97 in just one quick move. This marked $3.04 as a clear short-term resistance level — the point where sellers overpowered buyers — and locked $2.93 in as a local support floor. Once that breakdown occurred, bearish momentum took control.
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By the final hour of trading, the pressure intensified. XRP slipped from $2.94 to $2.92 in a brief wave of selling, cementing fresh intraday lows. The decisive push came from a late burst of 1.6 million tokens traded at 2:11 a.m., sealing the day in negative territory. Across the session, XRP’s price fluctuated within a $0.13 range, but the moves were swift and heavily influenced by spikes in trading activity.
From a technical standpoint, the rejection at $3.04 and the failure to sustain above the psychologically important $3.00 mark point toward possible continued weakness. Short-term moving averages have been breached, and the elevated volume during the key selloff windows reinforces the bearish outlook. If the $2.92 level fails to hold, historical trading patterns suggest the next potential support zones could emerge near $2.87 and $2.80.
Traders are now watching closely for two key signals: whether XRP can reclaim the $3.00 level, and whether any bullish divergence appears on momentum indicators to hint at a possible rebound. For now, sentiment remains cautious, with broader market conditions also being influenced by geopolitical tensions and renewed trade uncertainties.
In short, XRP’s recent drop isn’t just a routine dip — it’s a move amplified by an unusually large wave of trading, one that has set the stage for either a quick recovery if key levels are reclaimed, or a deeper slide if support gives way. The coming sessions will likely reveal which way the tide is turning.
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