XRP Active Addresses Plunge, Analysts Predict 24% Price Drop
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The landscape for XRP appears troubling as reported metrics reveal a significant decline in its active addresses. Analyst Ali Martinez highlighted a drop from 55,080 to just 40,778 over the past week, signaling a worrying trend for the cryptocurrency.
The declining number of active addresses is often a key indicator of blockchain health; here, it underscores waning activity on the XRP Ledger, widely acknowledged as the XRPL.
This sharp downturn prompts a deeper inquiry into the changing dynamics on the XRPL network.
Martinez noted that active addresses on the XRP blockchain had decreased nearly 26% in a week, reflecting a concerning trend in daily user engagement.
Currently, XRP has seen a slight uptick of 0.2%, bringing its price to $1.47. Over the past week, it has recorded a 3.7% increase, suggesting some resilience against selling pressure.
However, the reduction in user activity—evident from the substantial decline in active addresses—implies a shift toward bearish sentiment, potentially leading to greater selling activity.
Throughout the week, XRP has displayed a consolidating price pattern, fluctuating between $1.3574 and $1.4827. This price action is closely tied to broader market movements, as Bitcoin and Ethereum have also experienced stalled trading, currently hovering at $68,097 and $1,975 respectively.
As for XRP’s price trajectory, analysts are cautioning that a dip may be imminent. They suggest that XRP’s value could slide down to the crucial support level of $1.26.
Despite some absorption of excess supply from long-term investors, contributing to the recent price increase, ongoing selling from major holders could push XRP lower. Technical evaluations indicate that the cryptocurrency may be forming a bearish rising wedge pattern, which raises the possibility of a 24% decline, potentially bringing the price as low as $1.08 if it cannot maintain support above $1.26.
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