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XRP is showing signs of weakness on the charts as bearish pressure continues to weigh on price action. After touching nearly $3.40 earlier this month, the token has been steadily retracing, confirming a bearish divergence that analysts have been warning about since July.
Bearish Divergence Still in Play
On the weekly time frame, XRP is still following through on the bearish divergence pattern. This setup, flagged when XRP was trading near its recent highs around $3.40, meant either a pullback or at best a long period of reduced bullish momentum. Over the past month, the price has indeed struggled, and this cooling phase could stretch into September rather than ending with August.
Levels to Watch
In the short term, XRP is attempting a small bounce, but the chart still shows it trading below a crucial zone between $2.85 and $2.90. This range has historically acted as strong support, and the bulls now need to reclaim it as support again. Failure to do so increases the risk of a drop toward $2.75, the level tested earlier in August.
If XRP loses $2.75 on a daily close, the next strong demand zone sits between $2.55 and $2.62. Breaking below these levels could trigger more bearish trend and possibly confirm a descending triangle breakdown on the daily chart.
At the same time, a descending triangle pattern is emerging, with resistance forming around the $3 mark. Unless XRP can break out and close above this level, the structure means more downside pressure. A confirmed breakdown below $2.75 would likely strengthen bearish sentiment in the weeks ahead.
Short-Term Bounce, but Weak Momentum
While XRP has managed a slight bounce off local support, the overall momentum still looks fragile. The lack of strong buying pressure is visible, and unless bulls step in with conviction above $2.90 and eventually $3.00, the path of least resistance remains to the downside.