XRP Price Prediction: Trading Volume Rise as XRP Hits Key Support at $3 – Will It Bounce Back?

XRP (XRP) has gone down by 3.4% in the past 24 hours. An increase in trading volumes shows that this is a heavily contested area for market participants that could cushion the downtrend and favor a bullish XRP price prediction.

The $3 level has acted as support for XRP in the past. At a point when the market is taking a breather following days of strong upward pushes, can this price mark be the line in the sand for bulls?

Trading volumes for XRP in the futures market have retreated lately, possibly as participants have started to cash out of their profitable long positions.

Data from CoinGlass shows that open interest in XRP futures has declined from a historical record of nearly $11 billion to $8.1 billion as of today – a 26.4% drop in just 10 days.

Meanwhile, in the traditional futures market, CME Group XRP futures have seen their trading volumes plummet from a record of 4,765 contracts negotiated on July 23 to just 535 yesterday as the month closed.

Traders seem to be waiting for the next catalyst before opening new positions following this week’s interest rate decision from the Federal Reserve. As expected, the U.S. central bank made no changes to its federal funds rate.

XRP Price Prediction: XRP Recovers Upon Hitting $3

Once again the price action has pushed XRP to the $3 level and has respected a descending triangle pattern that has now been touched 4 times.

This confirms the relevance of this technical setup for market participants, meaning that a bearish or bullish breakout could be interpreted as a reliable signal of what could come next.

Apart from being a psychological area of support, the $3 level is also in confluence with the 200-period exponential moving average (EMA) in the 4-hour chart.

At this point, a bullish breakout of this descending triangle, which would be confirmed if the price pushes above $3.2, could be a strong indication that the token is ready for a trend reversal.

We may see a move toward the $3.65 level if a breakout occurs.

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