XRP Don Break Below $3, Eye $2.6 Support Amid Bearish Momentum
XRP don fall below di key $3 level, extend 13.6% drop since late July as selling pressure sharp since Bitcoin drop 5% recently. Technical indicators for 12-hour and daily charts dey confirm bearish momentum: Accumulation/Distribution line dey go down, Awesome Oscillator negative, and Directional Movement Index show strong downtrend wit –DI pass +DI and ADX over 20. Next important support na $2.6, wey carry fair value gap and previous range highs, make am key level for traders. On-chain data from Glassnode show say exchange inflows peak around mid-July and still net positive, while percent supply wey dey make profit pass 90% at July 23 peak. But XRP MVRV Z-Score dey below historical peaks, mean say token no overvalue and get long-term upside potential. Traders suppose watch $2.6 support for potential entry and dey observe changes for on-chain metrics and technical indicators as sign say trend fit change.
Bearish
Short-term outlook for XRP na bearish because e get plenty technical indicators wey dey confirm say e dey strong downtrend and Bitcoin recent 5% sell-off don make the selling pressure strong well well. If e break below $3 level plus negative momentum signals, e fit make e drop further go $2.6. Even though the MVRV Z-Score wey dey below historical peaks show say e get underlying value, e no too likely to stop immediate bearish sentiment unless dem hold the $2.6 support well. Traders suppose dey careful and dey watch on-chain exchange inflows plus momentum readings for any signs of reversal.