On August 30, the XRP derivatives data from Coinglass showed strong activity in the market.
Trading volume surged 30.36% to $9.00 billion, while open interest rose 3.03% to $7.99 billion, indicating growing participation.
On the options side, the volume dipped 1.54% to $3.74K, but options open interest climbed 20.56% to $1.24 million, suggesting increased longer-term positioning despite lighter near-term trading.
XRP price in trouble
XRP is showing signs of trouble as technical indicators point to growing instability in the market. Data from the three-hour chart reveals significant dilation in XRP’s Bollinger Bands, a signal of intense volatility. Prices have already tested the lower band at $2.85, suggesting mounting downside pressure.
The recent decline was triggered after the token slipped below the $3 level, prompting traders to exit positions and adding to selling momentum. This drop has fueled uncertainty among investors, who appear to be adopting a more cautious stance in the broader market environment.
Veteran trader Peter Brandt has weighed in on the situation, describing XRP’s current price action as “very negative.”
His analysis highlights the formation of a descending triangle pattern on the charts, typically viewed as a bearish signal that could precede further declines if support levels fail to hold.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team