XRP don drop to $2.75 as risk-off feeling dey hold body for crypto market
XRP continue to lose momentum on Monday as e drop 1.94% comot $2.75 amidst general market fear for crypto space. The Crypto Fear & Greed Index don drop enter fear zone, wey show say investors dey cautious. On-chain numbers show say active addresses for XRP Ledger fall from about 50,000 for middle July reach around 19,250, meaning say network participation don reduce. Open interest for XRP derivatives reduce to $7.7 billion from $10.94 billion. Technically, XRP dey test important support at $2.70 inside one descending triangle. If e hold above dis support, e fit spark rebound go $3.09 and $3.70, but if e break below, e fit push XRP down to $2.08. Traders suppose dey watch dis critical levels for short-term signals.
Bearish
Di recent drop wey happen for XRP dey show clear bearish pressure. The 1.94% drop below $2.75, as on-chain metrics dey fall, na the same kind thing wey happen before, like for early 2023 when active addresses sharply drop and cause sell-offs. The falling Crypto Fear & Greed Index plus shrinking open interest for XRP derivatives dey show say traders dey more careful. If the $2.70 support no hold, XRP fit try test low near $2.08, like before when breakdowns cause quick price drop. But if dem fit hold the key support well, e fit make medium-term rebound happen, like when XRP bounce back from $2.40 for June. Overall, the near-term outlook dey bearish, but good support fit help make prices steady for medium term.