XRP Price Rally Fades: Where Will It Go Next?
XRP's price surge has cooled off, but experts are still predicting where it will go next. After a near-43% weekly gain, XRP trades at $1.43 on August 26, down -3.3% over the last 24 hours. This modest pullback follows one of XRP's strongest weekly performances among large-cap tokens.
According to CoinMarketCap's technical desk, XRP's Relative Strength Index (RSI) is near 87, firmly in overbought territory. However, the token is holding its 23.6% Fibonacci retracement at $1.52 as initial support after the run-up.
The immediate technical battleground is the $1.42 support zone flagged by CoinMarketCap, just below the current price. Bullish scenarios suggest that XRP holds above $1.42 and consolidates before retesting $1.65-$1.70. Conversely, a break below $1.42 could trigger a retest of the 50-day moving average near $1.21.
It's essential to note that derivatives desks are watching a large Wintermute short position that only pays off if XRP collapses toward $10. This bet suggests long-dated skepticism rather than near-term direction.