XRP Struggles Below $0.60 – Metrics Reveal Growing Selling Pressure
27 Settembre 2024 - 8:30PM
NEWSBTC
XRP has struggled to keep pace with the broader crypto market rally
that began last week following the Federal Reserve’s interest rate
cut. While other cryptocurrencies have seen impressive gains, XRP
has only managed a modest 2% increase. Analysts and investors
suggest this underperformance is due to growing interest in other
projects, diverting attention and capital from the token. Adding to
this concern, user participation in the XRP Ledger blockchain has
declined, raising questions about the project’s long-term
prospects. Related Reading: Cardano (ADA) Eyes 20% Price Surge –
Funding Rate Suggests Increasing Demand Key data from on-chain
analytics firm Santiment reveals a notable drop in user engagement
on the Ledger, contributing to a sense of unease among investors.
As they watch other altcoins posting double-digit gains, fear and
uncertainty are mounting within the XRP community. Investors are
now looking for signs of a turnaround, but until the price can
reignite user interest and regain momentum, it risks falling
further behind in this bullish market cycle. With the market in
flux, all eyes are on XRP to see if it can overcome these
challenges and join the broader crypto rally. XRP Facing Serious
Risk XRP is trading below the critical $0.60 mark, a
psychological level that has acted as resistance for the past few
months. Despite a recent surge in the crypto market, XRP shows
signs of a potential retracement. While the altcoin initially
benefited from the broader bullish sentiment, its weakening market
signals suggest it may struggle to sustain this momentum soon. One
concerning indicator is the decline in user engagement on the XRP
Ledger blockchain. Key metrics from Santiment show that XRP’s price
Daily Active Addresses (DAA) divergence dropped to -74.46%
yesterday. The price DAA divergence measures whether user
participation is increasing alongside the price. A declining DAA,
especially when the price is rising, is a bearish signal because
fewer users interact with the network despite the price increase.
This divergence suggests that the recent uptrend could be weak and
unsustainable. Related Reading: Solana (SOL) Consolidates in
Symmetrical Triangle – Analyst Reveals $160 Target On Breakout If
XRP continues to struggle and fails to close above the $0.60
resistance, it may face a more significant downturn. The altcoin
could see a deep correction, potentially falling to lower demand
levels around $0.55. Investors are now closely monitoring XRP’s
price action to see if it can reclaim the $0.60 level and regain
momentum or if further declines are on the horizon. Price Levels To
Watch XRP trades at $0.589 after two weeks of sideways movement,
fluctuating between $0.57 and $0.59. Despite several attempts, the
price has failed to break above the crucial $0.60 resistance level,
leaving it at risk of a downturn. XRP is now approximately 6% above
its daily 200 moving average (MA), which sits at $0.548—a critical
support that has provided stability in the past. For bullish
momentum to build, XRP must break past the $0.60 barrier and aim
for higher supply levels around $0.65. This move would signal
renewed strength and potentially trigger a more substantial rally.
However, the current price action appears weak, with limited upward
momentum. If XRP fails to hold above the $0.60 level, a retest of
lower demand zones around $0.55 is expected. Related Reading: SUI
Price Sits 40% Below All-Time High As TVL Approaches $1 Billion The
worst-case scenario for XRP would be an extended period of this
sideways range, lacking a decisive breakout in either direction.
Such prolonged consolidation could increase selling pressure,
driving the price lower. Investors and analysts are watching
closely to see if XRP can reclaim the $0.60 level, initiate a new
uptrend, or face further declines. Featured image from Dall-E,
chart from TradingView
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