XRP has faced a brutal pullback of 11% in the last 24 hours, this has been one of its steepest declines this month. The fall was triggered by the SEC’s reversal on Bitwise’s XRP-containing ETF between July 22-24. This not only blocked $1.86B in BITW assets from migrating to regulated exchanges but also cast renewed doubt on XRP’s regulatory status. Especially with Grayscale’s GDLC ETF also being frozen.
So, will XRP’s downtrend aggravate to break below $3, or will the bulls step in and take charge of the situation? Join me as I decode the in’s and out’s in this short term Ripple XRP price prediction.
Is the User Confidence Shaken?
As per Santiment, XRP’s 24-hour active addresses dropped significantly following the ETF freeze, falling to nearly 54k amid widespread panic. However, the data now shows a mild recovery to 57.7k, signaling that users are cautiously returning.
Although the bounce is not yet a strong reversal signal, it suggests that interest in the network remains intact. If active participation rises above 60,000 again, it could act as an early sign of a potential shift in sentiment from fear to recovery.
Ripple XRP Price Analysis:
XRP price at the time of press is changing hands at $3.11, with a steep drop of 11%. Successively, the market capitalization slid to $184.46 billion. Meanwhile, 24-hour trading volume spiked by 92.74% to $14.48 billion, reflecting intense selling pressure.
Technically, XRP was rejected at $3.65 on July 23, triggering a breakdown below the 100-hour SMA at $3.45 and the 23.6% Fibonacci level at $3.28. The short-term resistance is at $3.303 and $3.497. The hourly RSI has plunged to 27.65, deep in oversold territory, and the MACD confirms bearish crossover momentum.
That being said, the key support zones now lie at $3.05 (38.2% Fib) and $2.849, near the 50% Fib retracement. A break below $3.05 could send the XRP price tumbling toward $2.60. However, oversold indicators and rebounding on-chain activity suggest a possible short-term bounce.
FAQs
The XRP price is down today as the SEC abruptly froze approval for Bitwise’s XRP ETF, igniting fears of regulatory setbacks.
The support for XRP sits at $3.05 and $2.849, while the resistance is at $3.303 and $3.497.
Yes, the RSI is at 27.65, suggesting oversold conditions and a possible relief bounce.
