Recently observing XRP's trend, some interesting technical signals have emerged. The RSI index has dropped to its lowest levels in months, and XRP's ratio to BTC has entered a serious oversold zone. Historically, such conditions often align with market bottoms. XRP is currently trading around $1.43, down 0.69% in the past 24 hours, with a circulating market cap of $88.17 billion, but on-chain data seems to tell a different story.

I noticed that the MVRV Z-score is approaching zero, which usually indicates that most holders' cost basis is close, and selling pressure is weakening. At the same time, Glassnode's heatmap shows that a large amount of XRP has accumulated near the current support levels, and these holders don't seem to have a strong reason to sell off. This accumulation pattern often signals a rebound opportunity in previous cycles.

From a price structure perspective, XRP has been consolidating for some time, similar to the accumulation phase before several strong upward cycles. If BTC can hold steady, there is still a possibility for XRP to break through resistance levels. Conversely, if it breaks below the current support, it may face more downward pressure in the short term. For now, it's all about whether buying interest can hold this level.