Ripple’s XRP token is starting September on a down note, with prices falling around 4% to trade near $2.72 as of this writing. The price decline has pushed XRP into a significant support zone, leaving traders anxiously awaiting a decisive move. Analysis suggests the current downward trend could either stall or continue deeper, potentially impacting the token’s trajectory for the remainder of the month. What the XRP Chart Shows: On the 4-hour chart, the downward movement from August’s highs above $3.30 is readily apparent. Price has been progressively falling with consistent lower highs and lows, currently pressing against the crucial $2.70-$2.75 support zone. This level has previously held, making it one of the last major supports before a potential drop. If buying pressure arises here, XRP price could rebound toward the $3.00 to $3.05 area, a region where previous rallies faltered. A stronger bounce back could even reach $3.20. However, if support at $2.70 breaks decisively, XRP could plummet quickly to $2.60 or lower. For now, momentum favors sellers, but bulls are holding onto one final key area. Market Indicators: Volume has been lighter than usual during this price correction, sitting around 29M, suggesting fewer traders are participating in the recent rally. Open interest remains steady at $301M, indicating traders are still involved but not overly aggressive. Net longs have decreased, reflecting a weakening bullish conviction, while shorts stand high at over $549M. Bearish momentum still prevails for now. These indicators paint a picture of cautious market conditions with sellers holding the upper hand but buyers trying to defend the $2.70 zone. XRP Price Short-Term Outlook for September 1st: Today’s spotlight is firmly on the crucial $2.70 support level. If XRP can hold above this mark, a possible rebound towards the $3.00 area before the day ends might occur. However, if this floor breaks, a further drop to $2.60 seems likely in the short term. The short-term outlook leans bearish with XRP down 4% and fighting against its largest support from the past month. Today’s price action will be critical in determining whether September starts with a potential bounce or more downward pressure.