Family, the recent XRP market is really worrying! Today, Yang will give everyone a thorough analysis.
First, let's look at the technical side. At the beginning of August, XRP returned to the $2.90 - $3.00 range, showing a beautiful V-shaped rebound, with the 26-day moving average providing steady support. The RSI indicator has been moving upwards from the middle position, indicating that the upward momentum is strengthening, but it's not at an overheating level yet. However, we shouldn't be complacent; previously, the RSI indicator was in a seriously overbought range above 88, which is a clear signal for a correction!
Now let's talk about market catalysts. There has been new progress in the approval of the XRP spot ETF, with a 95% chance of approval by 2025, which is definitely big news! Moreover, a BlackRock executive will be speaking at the SWELL 2025 summit, which will surely affect market sentiment. However, whale addresses have not been behaving lately, with an average daily sale of $28 million XRP over the past week, with many taking profits, putting significant pressure on the market. Additionally, Trump's tariff policies are causing global market turmoil; if U.S. stocks or the overall crypto market decline in the early morning, XRP is likely to follow suit.
Overall, there is a risk of a correction in the XRP market in the early morning. Yang suggests a trading strategy: if it corrects to around $3.0500 - $3.0800, consider going long, with an initial target at $3.0100, and then $2.9600. However, the market changes rapidly, so everyone must adjust their strategies flexibly based on real-time trends and news, and avoid being rigid! #Xrp🔥🔥
