Kraken Observes XRP Price Weakness Amid Market Correction – Is $3.050 the Next Support?

As of July 29, 2025, XRP has entered a downside correction phase, breaching the $3.250 support level and signaling potential further declines. The cryptocurrency is currently consolidating, with analysts eyeing $3.050 as the next critical support. A break below this level could trigger deeper losses, mirroring broader market trends where Bitcoin and Ethereum are also showing weakness. The drop below the 50% Fibonacci retracement level of XRP's recent rally (from $3.004 to $3.330) underscores the bearish sentiment. Kraken traders are closely monitoring these developments, as the asset's performance could hinge on whether it stabilizes above $3.050 or continues its downward trajectory.

XRP Price Shows Some Weakness – Is a Deeper Pullback on the Cards?

XRP price has begun a downside correction, slipping below the $3.250 support level. The cryptocurrency is now consolidating, with potential for further declines toward $3.050. A break below this level could signal deeper losses.

The recent pullback mirrors broader market trends, with Bitcoin and ethereum also showing weakness. XRP's drop below the 50% Fibonacci retracement level of its recent rally from $3.004 to $3.330 suggests weakening momentum. The breach of a key bullish trend line at $3.240 adds to the bearish technical picture.

Immediate resistance now stands NEAR $3.168, followed by more significant barriers at $3.220 and $3.250. A decisive move above $3.220 could reignite bullish momentum, potentially pushing XRP toward $3.330-$3.350. The $3.40 level remains the next major hurdle for any sustained upward move.

Dogecoin (DOGE) Faces Key Test as Correction Extends Below $0.232 Support

Dogecoin's retreat from the $0.250 resistance level has accelerated, with DOGE/USD breaking below critical support at $0.2320. The meme cryptocurrency now trades beneath both its 100-hour moving average and a descending trendline at $0.2280 on Kraken's charts, signaling potential for further downside.

Market technicians note the formation of a bearish continuation pattern following the rejection at $0.2486. A decisive break below the $0.2225 swing low could open the door to deeper losses, while recovery above the 50% Fibonacci retracement level at $0.2350 WOULD suggest renewed bullish momentum.

The current consolidation phase reflects broader uncertainty in altcoin markets, with DOGE notably underperforming both Bitcoin and Ethereum during this corrective period. Traders await either confirmation of trend reversal or continuation as price approaches key inflection points.