XRP experienced a 6.23% decline over a 24-hour period, marking the steepest drop among the top 10 cryptocurrencies by market capitalization according to CoinMarketCap data. Despite the pullback, XRP maintains a 35.55% gain over the past week.
The recent price correction follows a rapid advance that saw XRP climb from approximately $1.00 on August 18 to an intraday high near $1.69 four days later. The upward momentum slowed as Bitcoin pulled back from its recent high above $80,000 toward the $78,000 zone, dragging altcoins lower.
Market observers note that XRP-linked exchange-traded funds have recorded nine consecutive days of net inflows, indicating that the current price action stems from a leverage unwind rather than institutional outflows. On the daily chart, XRP is retesting the $1.40 zone, which previously served as resistance before flipping to support during the breakout.
Technical indicators present mixed signals for the token. The Relative Strength Index sits at 66.7, approaching the 70 overbought threshold, while the Average Directional Index reads at 44.1, indicating a strong existing trend. However, shorter-term and longer-term moving averages, specifically the EMA 50 and EMA 200, reflect the structural impact of the broader downtrend that has characterized XRP's chart for much of the year.
Traders are currently awaiting key macroeconomic catalysts, including core PCE inflation data and Nvidia's earnings report, which are expected to influence broader market sentiment alongside Bitcoin's ability to maintain the $77,000 to $78,000 support area.
