Key takeaways
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The XRP price must obtain $ 3 support to avoid a deeper correction at $ 2.24.
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The spot taker CVD remains negative, suggesting the waning demand.
XRP (XRP) Showed weakness on Monday, dropped 5% in the last 24 hours, and exchanged for $ 2.97. Multiple technical and onchain indicators suggest that the second largest altcoin should get $ 3 support to prevent a deeper correction towards $ 2.24.
XRP price bulls should hold $ 3
The latest sell-off has seen a decrease in XRP price below the psychological level of $ 3.
The last time the XRP saw a high volume near it below January, before a 50% drop to $ 1.61 in April.
Related: XRP Futures Oi Jump 20% as Price Charts Target $ 6 in August
A daily close to the bottom $ 3 can trigger a similar price drawdown, with the first place of interest between the 50-day simple moving average to $ 2.94 and the local low at $ 2.72 (reached on August 2).
The second place of interest sits between 100-day SMA at $ 2.60 and the 200-day SMA at $ 2.45. The loss of this support will bring $ 2.24 to the picture, where the July rally began.
Data from Cointelegraph Markets Pro and Tradingview Displays XRP Trading Break below a Symmetrical triangle In the day -to -day candle chart, as shown below.
Failure to close above the triangle support line at $ 3.00 puts the price at risk to fall up to up to $ 2.25, or down 25% from the current level.
The KaMag -Kaba -child index -child -child is heading down, dropping to 45 from 61 last week, suggesting that the Bulls have lost momentum.
XRP Spot Taker CVD has signed a high -volume seller
The study of the 90-day spot Taker Cumulative Volume Delta (CVD) shows that the seller-order (taker sells) has become dominant again. The CVD measures the difference between buying and selling quantity within a three -month period.
Since July 28th, Sell-Side Pressure has been leading the order book, after the XRP/USD pair has been hit Multi-year highs above $ 3.66 On July 18.
Negative CVDs (red bars in the chart below) indicate the acquisition of income from entrepreneurs, which signals demand as the seller controls.
If the CVD remains red, it means that the seller has not been back down, which can set a stage for another leg, as seen in historical corrections.
As cointelegraph reported94% of XRP supply earn at current prices, a level with history aligned with prices.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
