Disclosure: The opinions expressed by our book of their own and do not represent the opinions of U.Today. Financial and market information provided to U.today is for media purposes only. U.Tode is not responsible for any financial losses that incur during the trading of encrypted currencies. Make your search by calling financial experts before making any investment decisions. We believe that all the contents are accurate from the date of publication, but some of the mentioned offers may not be available anymore.
As the number of completed transactions has decreased by about one million transactions, the XRP network recently showed a noticeable decrease in transactions. This decrease comes after the activity increased earlier this year as shown in the standards on the series. Although Blockchain XRP has seen long periods of high productivity, low activity raises a question about what the market thinks and what factors may affect network.
Given the recent rises in prices and activity, this decrease in the volume of transactions may indicate the truce stage. These times often indicate that traders and investors reflect their path, perhaps in anticipation of new stimuli to revive the market. On the other hand, this change may be the result of a short decrease in demand for the use of the Ripple currency (XRP) in transfers and payments, which usually feed the use of its network.
XRP is trading near $ 3.13 on the price chart, while maintaining the highest important moving averages. Even with this relatively strong situation, the origin still faces decisive resistance at $ 3.30. If the low top pattern is nullified – a declining signal that precedes corrections often – the penetration above this level may indicate that the upward trend will continue. In contrast, if XRP is not able to rise above $ 3.30, it may enter into a period of cohesion or even in a declining direction.
Related
Monitoring support levels at $ 2.80 and $ 2.50 is worthy of attention because it may serve as temporary warehouses in case of decline. These levels can be tested in the near future if there is not enough trading volume and momentum. After taking all matters into consideration, although the decrease in the network activity indicates slowdown, XRP is not necessarily convicted of failure.
XRP may use this momentum to test its resistance levels if the market gains confidence and increases the sizes of transactions. Investors must now closely monitor $ 3.30 and search for indicators on a new price activity and the series.
