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[XRP price fell below $0.7, seems to be losing momentum]
From the evidence available 👉 XRP seems to be headed towards $0.56 in the next few weeks, especially 👉 if Bitcoin also falls below the $ 28,000 mark.
XRP has shown when it fell below the $0.7 support level 👉meaning that the bearish sentiment is strengthening.
The higher time frame outlook remains bullish, but a move towards the next support at $0.56 is likely in the upcoming August.
Just came across a recent related report which highlighted a surge in XRP whale accumulation and support at $0.7 has been breached.
📌This does not bode well for the bulls and hints at further retrogrades.
The early-July vertical saw a deeper pullback following BTC weakness. The XRP rocket is losing thrust as the price falls below $0.7.
[What will happen next? 】
The RSI is falling towards the neutral mark of 50, but at press time it was reading 55, which means that the bulls are hoping for a rebound.
OBV has risen above significant levels since late May after slipping over the past week. This highlights strong selling pressure in the short term.
📌If OBV falls further, it will be another sign that XRP will pull back sharply to the $0.56 area.
🔴In addition, there is another important display 👉Network growth cannot keep up with the explosive rally, and open interest has taken a hit.