XRP price slipped to $2.78 after falling below its 50-day SMA of $2.99 for a third session, with the hourly RSI dipping under 30—signaling oversold conditions and a possible short-term relief rally while macro risk and liquidations weigh on sentiment.
XRP closed as low as $2.78, marking three sessions below the 50-day SMA ($2.99).
Hourly RSI fell below 30, suggesting oversold momentum and a potential technical rebound.
Ripple signed an MOU with SBI VC Trade to distribute RLUSD in Japan, supporting stablecoin expansion amid market volatility.
XRP price update: XRP price fell to $2.78, oversold on RSI; monitor SMA and RLUSD developments. Read latest analysis and next steps.
XRP trades below the 50-day SMA for three sessions, hitting $2.78 as RSI signals oversold territory amid broader market weakness.
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XRP price fell to $2.78 as persistent selling pressure pushed the token below its 50-day simple moving average ($2.99) for a third consecutive session. Broad market liquidations, macro uncertainty ahead of the Jackson Hole speech, and technical momentum contributed to the decline.
On the hourly chart, XRP’s relative strength index (RSI) slipped under 30, a commonly used threshold for oversold conditions. This suggests short-term selling exhaustion and raises the probability of a relief bounce, though traders typically seek RSI confirmation alongside price support near the 50-day SMA.
Ripple Labs and SBI VC Trade signed an MOU to distribute RLUSD in Japan, signaling institutional distribution plans for the stablecoin across the XRP Ledger and Ethereum. This move may increase RLUSD accessibility in a major fiat market and supports Ripple’s broader stablecoin adoption strategy.
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Source: https://en.coinotag.com/xrp-may-be-oversold-after-falling-below-50-day-sma-sbi-mou-on-rlusd-could-support-demand/