XRP has retreated below the critical $3 psychological level following a failed breakout attempt and profit-taking activities. The cryptocurrency reversed from a local high near $3.15 after being unable to sustain upward momentum beyond the key resistance level.
Technical indicators reveal intensifying bearish pressure, with the Relative Strength Index (RSI) plunging to 29 – signaling deeply oversold conditions. Supportive of the downturn, On-Balance Volume (OBV) data confirms substantial selling pressure across exchanges.
Blockchain analytics indicate increased XRP transfers to major exchanges, primarily driven by profit-taking rather than panic liquidation. Binance’s liquidation heatmap analysis further identifies concentrated sell pressure above $3.20, pointing to a potential bull trap scenario.
The next significant support level rests near $2.90, which technical analysts warn could face imminent testing as current market indicators suggest continued bearish momentum. Traders remain cautious amid the risk of further declines.