XRP Shows Signs of Cooling After July Rally Amid MVRV Death Cross and Volume Decline
Main Idea
XRP's price has declined 17% from its July peak, with bearish indicators like the MVRV death cross and reduced trading volume signaling potential further correction, though technical indicators suggest possible short-term consolidation or bounce.
Key Points
1. XRP is trading at $2.99, down 17% from its July peak of $3.65, amid bearish signals including the MVRV death cross and declining trading volume.
2. The MVRV death cross, a bearish indicator, suggests potential for a deeper correction in XRP's price.
3. Trading volume for XRP has dropped by over 23% to $4.83 billion, indicating reduced spot market activity, while derivatives open interest rose slightly by 2%.
4. Technical indicators show XRP trading below key short-term moving averages (10-day and 20-day EMAs at $3.02 and $3.01), with the RSI neutral at 51.29 and Stochastic RSI hinting at oversold conditions.
5. Key support levels for XRP are at $2.95 and $2.75, with resistance near $3.20; a break below $2.75 could test the $2.50 zone.
Description
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