Ripple’s XRP faced turbulence over the past 24 hours, with its price slipping slightly by 0.74%. At the time of writing, XRP trades at $2.91, down from an intraday high of $2.97 but still holding above its daily low of $2.83. The fluctuations highlight the intense battle between bullish buyers and profit-taking sellers.

XRP Market Metrics Show Pressure

The market cap currently sits at $173.43 billion, reflecting the modest decline. Meanwhile, trading volume dropped by nearly 7% to $7.03 billion, signaling reduced activity and a cooling period after recent momentum. XRP’s fully diluted valuation (FDV) remains high at $291.57 billion, underscoring its strong long-term standing despite short-term weakness.

Related article: XRP Faces Potential Deeper Correction: Key Levels to Watch for a Possible Reversal

The circulating supply stands at 59.48 billion XRP, close to the maximum supply cap of 100 billion. The balance between available liquidity and capped issuance continues to influence price stability.

Price Chart Highlights Sudden Dip

The 24-hour chart shows XRP hovering steadily above $2.94 for much of the early session before a sharp drop hit around late evening. The token plunged to its lowest point of $2.83, only to claw back toward $2.91 by the next morning. While some recovery has taken place, XRP has yet to retest the $2.95 mark with conviction.

_{24 hour price chart Source: CoinMarketCap}

This pattern suggests heavy sell-offs triggered the dip, followed by cautious accumulation. Traders appear watchful, waiting for signs of stronger support or renewed momentum before committing to larger positions.

Historical Context Still Encourages Bulls

Despite the short-term pullback, XRP remains far above its historic lows. From its all-time low of $0.002802 in 2014, XRP has surged over 103,000%, reflecting massive long-term growth. However, the token is still 24% below its all-time high of $3.84, recorded in January 2018. This gap keeps optimism alive, as investors speculate that favorable regulatory progress or broader crypto adoption could ignite another run past previous records. 

Related article: Ripple’s XRP Consolidates at $2.89 as Bulls and Bears Battle for Control

Ripple’s XRP currently sits at a crucial juncture. If bulls manage to push above $3, the next target could be $3.20, a level that may inspire renewed buying. On the flip side, failure to hold above $2.90 could expose the token to further downside pressure. For now, XRP trades in a narrow range, and traders are watching closely for the next breakout signal.