A new XRP on-chain metric spells more trouble for the asset as it saw some mixed price action lately with the crypto’s price not breaking below A new XRP on-chain metric spells more trouble for the asset as it saw some mixed price action lately with the crypto’s price not breaking below $0..
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50 with the selling pressure mounting so let’s read more in the latest Ripple XRP price news.
The cryptocurrency is on the edge of seeing a strong drop with analysts noting that a bout of trading below this level could be quite harsh for the coin. One analytics company noted that the end of the recent SPARK airdrop token to XRP holders caused it to see more drops in the coin’s strength. The number of unique address interacting with the network also dropped and hit new monthly-low levels. With no catalyst for upside on the horizon, the potential of another drop is growing.
XRP saw some mixed price action lately with the cryptocurrency breaking above its long-held trading range that was caught up in the past few years. The range was set between $0.20 and $0.30 with the selling pressure at the upper boundary of the trading range surpassing the price on a few other occasions in the past few months. The recent Spark airdrop was a major catalyst for breaking the range which helped boost the technical strength and sparked a parabolic rally to $0.90 on some exchanges. One analytics platform noted that the underlying technical strength has dropped in the time since the airdrop happened.
At the time of writing, the XRP on-chain metric showed that the coin was trading down over 3% with a current price of $0.48 which marks a notable decline from the recent highs of $0.90 that was set at the peak of the recent rally. There aren’t any XRP catalysts for another increase beyond the aggregated market which means that once again there will be a drop into a period of darkness. Other analytics company explained in a tweet that XRP’s address count hit a new low after the SPARK Airdrop happened:
“XRP had its snapshot for the SPARK airdrop three and a half days ago. Just as the snapshot occurred at 12am UTC on December 12th, the unique amount of addresses interacting on the XRP network declined rapidly, and is back to month-low levels for now.”
Unless Ethereum and Bitcoin prove to be even more powerful and their strength creates tailwinds that will be strong enough for XRP, there’s a strong chance that the cryptocurrency will drop lower.
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