XRP declined 2.83% to $1.41 in the past 24 hours, while Bitcoin fell 1.63%. The selloff triggered $14.51 million in XRP liquidations, with long traders absorbing most of the losses.
The price pressure followed the release of U.S. jobs data showing 162,000 new positions created and an unemployment rate holding at 4.1%. The stronger-than-expected employment figures weighed on cryptocurrencies and other risk assets.
Despite the decline, XRP trading volume remained elevated. August spot trading volume reached its highest level since February, with Binance recording approximately $7.28 billion in trades and Upbit around $4.68 billion.
Technical Analysis and Resistance Levels
Crypto analyst Ali Martinez identified $3.66 as a key resistance level in XRP's monthly chart pattern. According to Martinez, XRP has been forming an ascending triangle with higher lows and consistent resistance at this level. A monthly close above $3.66 would confirm the breakout pattern, Martinez stated.
If XRP breaks above $3.66, the technical formation projects moves toward $9.49 and $15.60, with potential pullbacks before continuing higher. The analyst's chart suggests further targets at $31.87, though no specific timeline was provided for these moves.
Market Developments Supporting Long-Term Recovery
Several developments could support XRP's price performance. U.S. spot XRP exchange-traded funds recorded $130 million in weekly inflows, bringing total net inflows to approximately $1.68 billion.
The XRPL network is testing a Lending Protocol and Single Asset Vaults, which could increase financial activity and XRP utility within the ecosystem. Additionally, a U.S. Senate vote scheduled for September 15, 2026, on the CLARITY Act could provide clearer regulatory frameworks for digital assets.
