Following a significant rally in July where it reached $3.60, the price of XRP has corrected downwards. Data indicates it recently dropped below the $3 mark, trading around $2.93.
Despite the price decline, on-chain activity remains robust. Over 500 million XRP tokens were recorded moving within a 24-hour period. Sustained high daily on-chain payment volume suggests continued market interest and liquidity for the asset.
Technical indicators point to potential near-term consolidation. XRP’s Relative Strength Index (RSI) has fallen to approximately 47, alleviating previous overbought conditions. Market observers identify the 26-day Exponential Moving Average (EMA) as a crucial technical support level.
Holding above this key EMA could potentially catalyze a price rebound. Conversely, a sustained break below this support level might indicate further downside pressure. Whale transactions and institutional interest are closely monitored factors that could influence future price movements.