XRP has formed an inverted V-shaped correction pattern on the daily chart, suggesting a possible drop to $1.70, which would represent a 20% decline from current levels. The price has already traded 18% below its May peak of $2.65, a decline attributed to bears taking profits after a 62% surge. The relative strength index (RSI) has also dropped from 68 to 41, indicating potential for further bearish momentum. Additionally, daily active addresses on the XRP network have fallen significantly, reflecting reduced transaction activity and interest in the asset. Onchain data shows the number of daily active addresses has dropped to approximately 31,200, down from over 608,000 earlier this year, suggesting declining user engagement and adoption. Analysts caution that current resistance levels between $2.50 and $2.65 could continue to pressure XRP's price, with predictions of further declines if support around the $1.72 level fails to hold. Overall, XRP faces challenges with increasing bearish divergence and diminishing network activity, impacting its short-term outlook.

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