$XRP Sees Decline to Start August, But Weakness in Sellers Could Spark a Bounce
The risk-off mood has pushed XRP below $3.00 after a recent intraday low of $2.89. Despite the sell-off from its record high last week, XRP's spot volume remains flat, indicating seller weariness.
🗝️ Key Factors:
- $XRP has struggled to rebound after three days of downturn, currently trading at $2.98, 19% below its July 18 record high of $3.66.
- Derivatives market liquidations and a potential short squeeze could lead to a bounce.
- $41.4 million in liquidations were recorded in the past 24 hours, with long position holders accounting for $39 million.
- The Relative Strength Index (RSI) is below the midline, indicating decreasing buying pressure.
- Support levels include $2.77 (50-day EMA) and resistance at $3.32.
👀⚡ Outlook:
A break above or below the current range could define XRP's direction in August. Low spot trading volume ($168 million) suggests seller tiredness, which could lead to a price increase if speculative demand picks up.
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