XRP (XRP) Price Prediction for August 7

Key Points

1. XRP price retraced below $2.96 after failing to break above $3.09, facing resistance from EMA clusters and a bearish trend channel.

2. Key resistance levels are $3.09 and $3.40, while support levels are $2.91 and $2.78, based on technical indicators like Fibonacci and VWAP.

3. Futures open interest dropped by 4.8% to $7.08B, indicating reduced leveraged participation, while spot netflow remained slightly positive at +$2.49M.

4. The RSI at 52.27 suggests neutral momentum, with price compression between $2.93 and $2.95, hinting at a potential bearish near-term bias.

5. A breakdown below $2.91 could lead to further declines toward $2.78, while a breakout above $3.09 may target $3.40 and higher resistance levels.