- XRP trades near $2.94 amid high volume and cautious accumulation.
- Institutional selling and regulatory uncertainty pressure the price.
- A symmetrical triangle hints at a potential breakout or breakdown.
XRP, currently trading at $2.94, is struggling to maintain momentum above $3 amid a mix of institutional selling and cautious accumulation by market participants.
The cryptocurrency has experienced heightened volatility over the past few days, with the 24-hour range fluctuating between $2.85 and $2.97.
Nevertheless, trading volume has remained elevated, reaching approximately $7.18 billion, reflecting active repositioning by both retail and institutional traders.
Institutional selling weighs on price
One of the main factors behind XRP’s recent downturn has been the large-scale offloading by institutional investors.
These sales have contributed to a 1.58% decline from $2.95 to $2.90 in the last 24 hours, underscoring the influence of major holders on market sentiment.
The downward pressure was exacerbated by low on-chain activity, leaving fewer buyers to absorb the selling and amplifying price swings.
Over the past week, however, XRP has gained 3.28%, suggesting that some buyers remain willing to step in at lower levels.
Spot flows show cautious accumulation
Exchange data indicates that market participants are entering positions gradually rather than aggressively selling into the downturn.
According to Coinglass data, the XRP spot netflows are at approximately $12.7 million, suggesting measured accumulation during the pullback.
These modest inflows show that traders are positioning strategically, balancing risk with the potential for a rebound if XRP can reclaim higher levels.
Descending triangle pattern forms signalling a breakout
On the technical front, XRP is compressing within a descending symmetrical triangle, trading between $2.86 support and $3.12 resistance.
Bulls are defending the lower end of this range, while sellers cap price under $3.05.
The triangle pattern, evident on the four-hour and daily charts, suggests that the market is nearing a decision point.
A breakout above $3.12 could send XRP toward $3.25–$3.40, whereas a breach below $2.80 may accelerate losses to $2.74 and even $2.68, aligning with high-volume accumulation nodes.
XRP price outlook
XRP’s near-term trajectory hinges on its ability to navigate the $2.85–$3.05 compression zone.
With a dense cluster of moving averages, including the 20, 50, 100, and 200 EMAs, spanning $3.00–$3.05, limiting upward momentum, the stakes remain high for investors seeking to gauge the token’s next move.
Until price decisively closes above these moving averages, rallies are likely to encounter selling pressure.
However, momentum indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) remain near neutral, reflecting market indecision.
Traders should closely monitor exchange flows, even as they keep an eye on the identified technical levels, as the upcoming sessions could determine whether XRP will extend its summer recovery or fall into deeper consolidation.
Source: https://coinjournal.net/news/xrp-battles-the-3-barrier-amid-institutional-selling-and-triangle-squeeze/
