XRP price tests Murrey Math support as Ripple unlocks 1B
XRP price dropped to $2.7345 on September 1, hitting the strong pivot reverse level of the Murrey Math Lines. This level often signals a potential reversal. The token’s market cap fell to $164 billion, down 25% from its YTD high of $201 billion. On the same day, Ripple Labs unlocked 1 billion XRP tokens from escrow. Although Ripple relocked most tokens, the net supply increase adds selling pressure. On-chain metrics were mixed. RLUSD stablecoin addresses fell by 35% to 4.6 k and transaction volume slumped 74% to $2.6 billion. The Relative Strength Index sits at 44, indicating room for further declines. Technical analysis suggests a drop toward $2.3438 before a rebound. Traders will watch the SEC’s October ETF deadline, with approval odds above 80%. This event could drive a recovery in XRP price ahead of long-term gains.
Bearish
The 1 billion XRP unlock increased immediate sell pressure by adding to circulating supply, driving the XRP price down to a key Murrey Math support level. The RSI at 44 suggests further room for decline before a technical rebound. On-chain metrics—RLUSD address counts down 35% and transaction volume down 74%—underscore weakening demand. Similar past monthly escrow releases triggered short-term dips despite relocking patterns. While the upcoming SEC ETF decision could spark a longer-term recovery, the net effect of this escrow unlock and bearish technical indicators points to a short-term downtrend.