Just took a look at XRP's trend, and it dropped again.

Fallen from $1.4588 to the current $1.33, this time it indeed couldn't hold the key support at $1.40, feeling that selling pressure is still quite heavy in the short term.

I noticed that during this decline, trading volume surged by 74%, indicating that the sell-off is serious.
Interestingly, large wallets and spot ETFs have been accumulating on dips recently, but it seems their cost basis is being pushed higher.
If we look at the value change of XRP in wallets, this kind of price fluctuation has a pretty big impact on their holdings, which also explains why big players are still adding positions—they might be waiting for lower levels.

From a technical perspective, an interesting triangle is forming now, with resistance and support lines gradually converging.
The $1.33 level has become the new focus; if it breaks further, it could head straight toward around $1.00.
Conversely, if it can stabilize near $1.33, a rebound might attempt to test $1.45 or even $1.55.

Derivatives activity has clearly cooled down a lot, with leverage decreasing, which aligns with the current subdued atmosphere.
Ripple locked 700 million XRP into escrow last month, keeping supply stable.
Now, it all depends on whether this support can hold; if it breaks, it could be another story.