#Xrp🔥🔥
XRP has fallen 2.66% to $1.47 over the past 24 hours, moderating after a parabolic weekly surge of 47% and moving in the opposite direction to Bitcoin’s rise. The drop is mainly due to a technical correction after reaching extreme overbought levels.
Main reason: Profit-taking and the liquidation of long positions following an excessive rally, with key momentum indicators showing overbought signals.
Secondary reasons: Over the last 24 hours, leveraged long positions worth more than $26 million were liquidated, increasing selling pressure.
Short-term market outlook: If XRP holds the Fibonacci support level at $1.42, it could consolidate; a break below this level could trigger a further pullback toward $1.34. The next key factor will be the July PCE inflation data, scheduled to be released on August 26.
XRP has fallen 2.66% to $1.47 over the past 24 hours, moderating after a parabolic weekly surge of 47% and moving in the opposite direction to Bitcoin’s rise. The drop is mainly due to a technical correction after reaching extreme overbought levels.
Main reason: Profit-taking and the liquidation of long positions following an excessive rally, with key momentum indicators showing overbought signals.
Secondary reasons: Over the last 24 hours, leveraged long positions worth more than $26 million were liquidated, increasing selling pressure.
Short-term market outlook: If XRP holds the Fibonacci support level at $1.42, it could consolidate; a break below this level could trigger a further pullback toward $1.34. The next key factor will be the July PCE inflation data, scheduled to be released on August 26.