XRP Price Slips After Strong Gains
The XRP price has dropped in the past month, raising talk of a deeper pullback. Right now, XRP trades at $2.93, which is still up 19% in 3 months and 63% higher than its low this year. The coin’s market value stands at $173.8 billion, with daily trades of $6.4 billion.
Much of XRP’s rise came after Ripple won its case with the SEC, a fight that lasted years. Investors also hope for a new XRP ETF, which could bring in more big money.
But in the past 30 days, XRP has fallen 16.8% after reaching its yearly high. This has made traders wonder if the trend is turning.
Psst… here’s a pro tip! Watch what smart money is doing before you dive in.
Weak Demand From Smart Money and Traders
Fresh data shows that “smart money” investors cut their XRP holdings by 80% in the past month. When pro investors sell, retail traders often follow, pushing prices down.
Futures traders also look bearish. Open interest fell from $10.9B in July to $7.5B now. The long/short ratio is below 1, showing more bets against XRP than for it.
XRP Network Activity Slows
- Weekly transactions: 12.4M (down 14.8%)
- Active addresses: 107,340 (down 2.1%)
This weak activity on the XRP Ledger is seen as a sign of low demand, adding to the bearish mood.
XRP Price Charts Show Bearish Signs
On the daily chart, XRP is now below the 20-day and 50-day averages, showing that sellers are in control.
- The RSI chart shows a bearish divergence, hinting that buyers may be tired.
- Aroon Down is at 92.86% while Aroon Up is at just 7.14%, both showing strong bearish trend signals.
Key Support Levels to Watch
| Price Level | Meaning |
|---|---|
| $2.70 | Key support from August |
| $2.30 | 23.6% Fibonacci retrace |
If XRP breaks below $2.70, the next target could be $2.30, which may test the strength of long-term holders.
