XRP Price Dey Pull Back as MVRV Death Cross Dey Signal Downside
XRP price don drop 17% from im all-time high wey na $3.65 for July, e come slide go around $2.99 as momentum don cool down. On-chain data show MVRV death cross—wey mean say short-term market value dey below realized value—this one dey show say risk for more down move high. Trading volume don drop over 23% to $4.83 billion, as derivatives open interest rise 2% to $7.33 billion, and derivatives volume fall 34%, e mean say traders dey careful dey hold their position for uncertain market. Technical side, XRP price dey trade under im 10-day and 20-day EMAs of $3.02 and $3.01, e dey give sell signals. RSI stand for 51.3 (neutral) and Stochastic RSI near 14 dey hint say market oversold and short-term bounce fit happen. Longer-term EMAs for $2.79 (50-day) and $2.34 (200-day) still dey support uptrend. The main resistance dey $3.20, support levels dey $2.95 and $2.75; if e break below $2.75, e fit open $2.50 zone. Traders suppose dey watch these technical indicators, trading volume and the MVRV death cross well well to sabi the momentum and next move for XRP price.
Bearish
Di MVRV death cross and di 23% drop for XRP trading volume dey show say market confidence dey weak, meanwhile open interest for derivatives dey climb small, wey mean say people dey take caution. Technically, if e dey trade below di 10- and 20-day EMAs e dey give sell signals, and if e break below $2.75 e fit cause one serious correction down to $2.50. Even though di 50- and 200-day EMAs still dey support di long term uptrend, di mix of bearish on-chain indicators and low spot activity dey make say short term downtrend go likely.