XRP Shows Signs of Cooling After July Rally Amid MVRV Death Cross and Volume Decline

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.