XRP has seen a significant drop of over 17%, trading at approximately $1.41 after reaching a multi-year high of around $1.63. Despite this, the cryptocurrency is still up nearly 180% for the month, marking its best performance since April 2021. The relative strength index (RSI) for XRP suggests potential price exhaustion, with historical trends indicating sharp corrections following overbought conditions. For instance, XRP experienced a 46.5% decline after peaking in June 2023. Current price actions indicate resistance at the $1.09 level, with anticipations of a possible drop to the $1 psychological benchmark and potentially to $0.85 in case of a deeper correction. Meanwhile, a recent decline in holdings by larger investors, or 'whales,' suggests a potential distribution phase, as prices surge and retail investors buy in. Long-term projections show XRP in a strong upward trend, potentially aiming for its previous peaks around $3.41, depending on upcoming developments.

Source 🔗