Over the past few years, Ripple has partnered with different banking and financial institutions across the globe to offer its crypto-powered financial services. This, in order to enable better payment systems. Well, the most recent is the launch of XRP-powered payments in Brazil. Though Ripple is pushing hard to increase its global adoption, XRP’s price […]
pointed out that XRP gave -24% and -72%, 3-month, and 1-year returns respectively. Definitely, it does not look promising.
Though one of the reasons for this price movement can be the on-going lawsuit that Ripple is fighting, on-chain metrics reveal several more.The price drop was followed by a decline in XRP’s total active addresses along with the trading volumes. Thus, indicating an outflux of investors from the blockchain.Apart from the aforementioned metrics, XRP’s development activity also took a similar route. Remember, an increase in development activity is a positive indicator for a blockchain.
XRP’s scenario suggests harder days in the coming months. As the volume and active addresses declined, the community’s interest in the crypto also suffered. This was evident from the fact that XRP’s social dominance gained southward momentum since the price plunge.XRP’s 4-hour chart painted a similar bearish picture of the market, with most of the longer candlesticks being red.
According to the Exponential Moving Average ribbon, the 20-day EMA was well below the 55-day EMA, suggesting considerable advantage for the bears, which might further push XRP’s price downwards in the days to come. These findings were supplemented by MACD and CMF’s readings. Both indicators pointed that investors can expect a possible decline in price.
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