XRP price is once again under immense pressure after failing to push higher $3.10 for the third time this week. Veteran trader CasiTrades now warns the token could be entering a “deeper correction,” with market patterns hinting at a possible dip toward the $2.90 level.
Over the past week, XRP has tried multiple times to break higher, but each attempt above $3.10 was met with selling pressure. This repeated failure to set a new local high has now opened the door for a corrective pattern.
According to CasiTrades, the chart is forming an ABC wave structure, with the next leg the C-wave potentially sending XRP down to the $2.90–$2.92 range. These levels also align with key Fibonacci retracement zones, making them important areas for buyers to step in.
Looking at the Relative Strength Index (RSI) on both the 1-hour and 4-hour charts, momentum is fading and no strong bullish divergence has formed. That suggests sellers may still have control in the short term.
At the moment, XRP price is holding near $2.98, but signs show the market is a bit weak. XRP’s network has processed over 1.1 million transactions daily, but trading volumes have dropped by 31% trading around $4.21 billion.
Adding more pressure is the decentralized exchange (DEX) volume on XRP Ledger also reached a multi-month low of $2.3 million, indicating reduced retail participation and softer demand.
Looking ahead, the $2.98 level will decide XRP’s immediate path. If bulls defend this area successfully, the price could stabilize and attempt another push toward resistance near $3.25 and $3.44.
As of now, XRP price is trading around $3 reflecting a drop of 0.7% seen in the last 24 hours with a market cap hitting $180 billion.
XRP price is facing selling pressure after failing to break above the $3.10 resistance level multiple times, leading to a potential short-term corrective pattern.
Analysts suggest XRP could see a deeper correction toward the $2.90 support level if it fails to hold above its current price near $2.98.
If XRP holds key support at $2.90, it could present a buying opportunity for a rebound toward resistance levels at $3.25. Always assess market conditions and risk.
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