XRP has pulled back sharply after reaching a weekly high of $1.60, trading at $1.46 at the time of writing. That left the token down 4.4% over 24 hours and more than 8% below its recent peak. The drop came during a broader crypto selloff, with Bitcoin falling under the $70,000 support level and traders weighing the possibility of a move toward $60,000.
Pressure on risk assets built from both geopolitical and macro drivers. The report tied part of the market weakness to rising oil prices after Israel launched a drone strike on one of Iran’s largest gas facilities at South Pars. At the same time, Federal Reserve Chair Jerome Powell’s latest remarks cast doubt on additional rate cuts this year, as the central bank sticks to a data-dependent stance while inflation remains sticky.
Network activity stays firm despite the price drop
While market sentiment has weakened, XRP’s on-chain data has moved in the opposite direction. Santiment said the number of XRP holder wallets climbed to a new all-time high of 7.7 million. That points to continued adoption even as the token faces heavy short-term volatility.
Daily active addresses also rose, reaching 46,767 this week, a five-week high. Those figures suggest network participation and underlying usage have stayed resilient. The source article also noted that whales have shifted into an accumulation phase after months of distribution.
Chart setup keeps attention on $1.60
On the daily chart, XRP is forming an Adam and Eve pattern, a bullish reversal structure in technical analysis. The neckline sits near $1.60, a level XRP touched earlier this week before retreating. A confirmed move above that area would strengthen the bullish case in the short term.
Momentum indicators are also being watched closely. The 20-day SMA is approaching a bullish crossover with the 50-day SMA, while the MACD lines have turned upward. For now, traders are focused on $1.50 as the nearest psychological barrier. If XRP clears that level, the next test would likely be $1.60, and a breakout there could open the way toward the 100-day SMA at $1.70.
The bullish setup would weaken if XRP falls below $1.44, which is where the 50-day SMA currently sits.