XRP is currently trading around $2.90, testing a critical support level at $2.83 after failing to break through the $3.10 resistance ceiling. The token has been in a step-by-step retreat since being rejected at $3.10, with each bounce showing weaker momentum and higher lows.
Analyst Ali Martinez had predicted this scenario, pointing to the $3.10 rejection as the turning point and identifying $2.83 as the likely destination. This level served as a key support during August's sharp drop, where buyers previously fought back.
Technical analysis shows XRP testing the lower limit of a symmetrical triangle formation that has supported its structure since the July breakout. The RSI at 44 confirms cooling market sentiment with a bearish incline, while declining volume suggests waning conviction in either direction. If the $2.83 support fails, immediate targets could be the 100 EMA at $2.76 and potentially the 200 EMA at $2.50.
The market remains divided between bulls who point to XRP's fundamentals and on-chain adoption, and bears who cite declining liquidity and exhaustion signals from the inability to move above $3.20.