- XRP Ledger grows, market stales
- Will it be rejected?
After months of declining pressure, XRP is beginning to stabilize, helped along by a significant rise in on-chain activity. The network recently processed over 2.5 million transactions, according to data from XRP Ledger, indicating a notable increase in activity that could support a steadily strengthening bullish structure.
XRP Ledger grows, market stales
The rise in transactions indicates that XRP Ledger is being used more frequently, at a time when market players are keeping a careful eye on the asset’s technical structure. Increasing network activity has historically been linked to times of improved sentiment throughout the ecosystem, increased liquidity and renewed investor attention.
XRP/USDT Chart by TradingViewIn terms of price, XRP is currently trading close to $1.41 in an effort to gain momentum following a protracted drop from earlier cycle highs above $3. The asset is forming a slowly rising support line in the chart structure, indicating that buyers are gradually intervening to protect higher lows.
Ethereum Has Nearly 60% Chance of Losing Second Spot
What Moves XRP Price? Ripple CTO Emeritus Breaks Down 3 Factors
The frequent interaction of XRP with the 26-day exponential moving average (EMA) is one of the most significant technical advancements. The asset has now made three attempts to test this resistance level, but during the most recent attempt volatility has drastically declined. In fact, as the price falls straight below the 26 EMA, short-term volatility has nearly completely vanished.
This behavior is noteworthy because tests of the same resistance level in the past produced several fakeouts, in which XRP briefly increased before rapidly losing momentum and declining back below the moving average. The 26 EMA was reinforced as a potent short-term barrier because none of those attempts resulted in a sustained breakout.
Will it be rejected?
The current configuration has a slightly different appearance. Directly below resistance, the market has entered a tight consolidation phase rather than an aggressive rejection. While both buyers and sellers wait for a catalyst, such compression frequently occurs before a final decision.
The recent spike in XRP Ledger activity, which suggests that the underlying network is seeing increased usage, is another element bolstering the bullish argument. When the number of transactions increases while the price remains stable, it may indicate that the underlying fundamentals are getting stronger.
Source: https://u.today/xrp-ledger-crosses-25-million-threshold-in-24-hours-as-market-performance-stales
