XRP Faces Critical Price Drop Challenges in August

Key Points

1. XRP alarmed investors by dropping below the crucial $3 support level in the first week of August, with a possible negative divergence pulling it back to $2.

2. Analysts highlight a downside discrepancy in the Relative Strength Index (RSI), bolstering sellers’ confidence and shifting the funding rate in favor of sellers.

3. The daily chart shows XRP breaking the $2.90 low, with $2.62 providing a corridor for accelerated downward movement.

4. XRP is trading at $2.86, reflecting a 3.93% decline over the last 24 hours, according to CryptoAppsy data.

5. Broader market factors, such as interest rate cut expectations and regulatory uncertainties, are reinforcing XRP’s downward trend.