The XRP network is witnessing a decrease in new addresses, which can press the original and threaten its suspension over the main support of $ 2.
Specifically, the number of newly created headlines decreased by 44 % over the past month, as it decreased from a height of 5200 on March 22 to only 2900 by April 17, according to Data From the platform of encrypted currency analysis Glassnode.
This decrease in the network activity is in line with the low XRP prices, with fewer new addresses, a major sign of adoption, and often indicates the weakening of the investor’s confidence and can precede more losses.
It is worth noting that the new hanging headlines come at a time when the technical preparation for XRP is filming a declining image amid constant standardization.
XRP Habbudian techniques
To this end, in the analysis of April 17, an expert on the currency coded Ali Martinez Note XRP displays a style of the head and shoulder “textbooks”.
The composition shows a left shoulder, head, and a clear right shoulder, as the price is recently divided into the bottom of the neck line by about $ 2.05. It has already been re -testing this level, and is often a prelude to the continuation of the declining movement.
This style, which usually appears before market repercussions, indicates that XRP can turn much less. If this is confirmed, this step may lead to a decrease in prices to $ 1.30 and $ 1.40, which is a possible decrease of more than 30 % of the current levels.
Unless XRP can restore the neckline as support, the deepest risk of sales is still high.
Meanwhile, according to FinBold, the CondIBULL analyst noticed that for XRP to regulate a recovery, it needs to create a bottom in the $ 1.60. At the same time, short situations have risen, with levels of bears monitor without a $ 2 mark.
In addition to a declining technical preparation, XRP also witnessed an increase in whale transactions. This comes at a time when the original approaches a major organizational teacher, as the legal battle approaches between Ripple and the Securities and Stock Exchange Committee (SEC) is about to conclude.
XRP price analysis
XRP extended its losses at the time of writing this report, as it was circulated at $ 2.04, a decrease of about 2 % over the past 24 hours. Over the past seven days, correction of the original by more than 7 %.
Feelings about XRP still are still down, supported by the degree of fear and greed index of 37 (fear). Technically, the price is traded less than the simple moving average for 50 days (SMA), indicating the short -term momentum, although it is still higher than SMA for 200 days, indicating long -term strength.
The 14 -day relative strength index (RSI) is 49.40, indicating a neutral position, while the fluctuations are 7.74 %, indicating relatively stable but careful trading conditions.
Distinctive image via Shutterstock
