XRP has plummeted 13.6% since the beginning of the week as Bitcoin fell below $119,800. Losing the psychological milestone of $3 – which was a strong support – has now become resistance, increasing profit-taking pressure.
Technical conditions have clearly worsened:
A/D and the Awesome Oscillator both indicate overwhelming selling pressure.
The DMI indicator confirms a downtrend with -DI and ADX > 20.
Short-term support zone: $2.6 – coinciding with a reasonable price gap and the peak of the old accumulation zone.
On-chain alert:
The amount of XRP on exchanges surged significantly on July 23, a sell signal.
Over 90% of the supply is in profit – selling pressure remains.
However:
The MVRV Z-Score remains in the low zone, indicating that XRP is not yet overvalued. If it adjusts to $2.6, this could be a potential buying zone for long-term investors.