I just checked the XRP chart and things don’t look good lately. It’s in a pretty clear downtrend: it fell below the 200-week moving average at $1.42, something that hasn’t happened since last November. The RSI is in the low 30s, which means there’s strong selling pressure, and the price is still looking for support levels at $1.12 and $1.

What’s interesting is that this coincided with all the recent macroeconomic noise. The PIB data that was released came in weaker than expected, which strengthened the dollar and put pressure on risk assets like XRP. That contrast between what was projected (between 1% and 3.6%) versus what actually came out changed market sentiment quite a bit.

The curious thing is that on-chain activity has decreased, but on social media people are still talking positively about the permissioned DEX update. However, the price still isn’t matching that optimism yet. It seems the technical numbers are winning for now. Let’s see whether XRP finds a bottom or stays in this downtrend for a bit longer.