XRP price don drop 16.8% for 30 days, e dey eye $2.70 support
XRP price don drop 16.8% for di last 30 days because network activity dey go down and smart money demand no too dey. XRP dey trade around $2.93, market cap dey $173.8 billion, daily volume na $6.4 billion. Nansen data show say smart money wallet holding for XRP fall almost 80%, wey fit mean say big sell-off dey come. CoinGlass talk say open interest for XRP futures don drop from $10.94 billion for July reach $7.56 billion, and the long/short ratio dey below 1, meaning say people dey bearish. On-chain metrics from Dune show weekly transactions down 14.8% to 12.4 million and active addresses fall 2.1% to 107,340, im show say network demand weak. Technically, XRP price dey below e 20-day and 50-day moving averages plus bearish RSI divergence and Aroon Down reading 92.86%, wey show say selling pressure still dey. Traders dey eye $2.70 as next support level, if e break, e fit fall go $2.30 (23.6% Fibonacci retracement).
Bearish
Dis news na classified as bearish. Di nearly 17% drop for di price of XRP within one month, plus di 80% reduction for smart money holdings and sharp fall for futures open interest, e mean say plenty sellers dey pressure di market. Di on-chain metrics too show say activity for di network don drop, wey jus dey reinforce di negative feeling. Di technical indicators like price dey below key moving averages, RSI get bearish divergence and high Aroon Down reading, confirm say bearish momentum dey dominate. For di short term, traders fit try test support wey dey $2.70 and if dis level fail, e fit trigger more stops. Historically, similar corrections dey happen after legal or ETF-related rallies for XRP, as speculative gains dey unwind. For di long term, better pullback fit provide accumulation chances, but na if network use stabilize and positive catalysts like ETF approvals show again to bring back confidence.