📊 Market Weakness Weighs on XRP
Bitcoin's 15% drop from its $108K ATH has shaken the crypto market, dragging XRP downward. With BTC showing further weakness, XRP risks following suit, potentially falling to $1 amid broader market instability.
📉 Network Activity Decline
A sharp drop in XRP’s daily active addresses and network growth signals reduced investor interest. This exodus suggests waning confidence, often preceding significant price corrections.
💰 Unrealized Gains Fuel Selling Pressure
The 365-day MVRV indicator shows XRP investors are sitting on 77% unrealized profits. Historically, such high profits lead to increased sell-offs, adding downward pressure on the price.
🐋 Whale Sell-Off Continues
Whales holding between 100K and 1M XRP offloaded 110M tokens over the past month. Continued whale dumping threatens to push XRP closer to the $1 mark.
📉 Bearish Technical Setup
XRP’s descending triangle pattern hints at a potential 31% drop to $1.34 if the $1.95 support level breaks. Failure to hold above $1.34 could trigger a sharper fall to $1.
🚀 A Glimmer of Hope?
If Bitcoin regains strength, XRP could rebound, breaking above the triangle’s trendline and revisiting $2.90 or higher. For now, caution dominates the outlook. 🛡️📊
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