XRP Network Faces Significant Decline in Transaction Activity
- Decline in Transaction Activity: The XRP network has seen a 20% drop in daily on-chain transactions over the past quarter, settling at 1.78 million, indicating a significant decrease in market activity that could undermine investor confidence and liquidity.
- Reduction in Leverage Trading: Binance reports that XRP perpetual contract funding rates have fallen to -0.003, reflecting a shift among short-term traders towards bearish positions, with the estimated leverage ratio decreasing from a six-month high of 0.260 to 0.173, indicating a notable withdrawal from leveraged market engagements.
- Plummeting Liquidation Volumes: Daily liquidation amounts have drastically decreased by 99% over the past three months, now reflecting only thousands of dollars, suggesting that speculative and high-risk trades have nearly vanished, with investors showing a reduced appetite for risk.
- Technical Analysis: XRP is currently trapped within a broad corrective triangle, with upward attempts lacking sustained bullish interest, and analysts predict this sideways trend will continue, with a crucial support level at $1.28 that, if breached, could lead to further price declines.
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Technical Analysis for XRP
Technical Sentiment Analysis for XRP (XRP). As of , XRP (XRP) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 5 indicators are flashing buy, while 2 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for XRP stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, XRP is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
XRP (XRP) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1.164 | 1.264 | 1.35 | 1.45 | 1.536 | 1.636 | 1.722 |
| Fibonacci | 1.264 | 1.335 | 1.379 | 1.45 | 1.521 | 1.565 | 1.636 |
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