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The 2 voltages are based on data trying to communicate through the wire which are a series of on/off pulses. The meter will average out the pulses hence give you a lower voltage at 2.96 possibly 88% pulse are high the rest are low. The other one is possibly unable to communicate and could be continually high until such time it starts communicating properly.
To really test it completely would require an oscilloscope of logic analyser. This is out of reach for most people so it will require a practical test to ensure it is working correctly.
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