As a researcher with a background in finance and cryptocurrencies, I find the recent downturn in XRP‘s price alarming. The loss of crucial support levels and the drop to its lowest level since April is concerning, especially given Ripple’s challenges in the financial services industry.
XRP price lost a crucial support on Thursday as a sea of red engulfed the crypto market.
As a token analysis expert, I’ve observed that the XRP token has reached a new low of $0.4400, marking its weakest point since April. This represents a significant decline of approximately 41% from its peak value attained during this month.
The cryptocurrency Ripple, a major player in the market, is currently grappling with significant obstacles, contributing to a recent decline in the value of its token.
Data from the XRP ledger indicates a shrinking network as evidenced by a significant decrease in the number of distinct sender addresses. According to XRP Scan, this figure has fallen from approximately 50,000 in January to just over 5,800 currently.
New information uncovers a significant decrease in transaction volume, with January’s record-breaking 6.8 million transactions shrinking down to only over a million.
XRP Transaction count
Additionally, there was a significant decrease in the transaction volume between two accounts, going from nearly 6 million transfers in December to just over 1 million.
At present, Ripple’s network faces a vulnerability as investors ponder over its role in the financial services sector. Initially, Ripple Labs aimed to facilitate swift cross-border transactions for institutions such as banks.
Currently, these institutions boast superior options in the form of stablecoins. For instance, ANZ Bank, a prominent Australian corporation, showcased the use of Chainlink’s CCIP for customers to transfer and transact with their issued stablecoins.
As a crypto investor, I’ve noticed some significant movements from XRP whales lately. According to Whale Alert, one of these whales transferred tokens valued at around $15 million to Bitso on Wednesday. Another whale moved roughly $14.8 million worth of XRP to Bitstamp on the same day. In total, whales have sold off XRP tokens worth approximately $60 million during this week.
🚨 32,010,000 #XRP (14,823,091 USD) transferred from unknown wallet to #Bitstamp— Whale Alert (@whale_alert) July 3, 2024
XRP price crosses key support
A double-top formation in Ripple’s price chart at $0.7485, which was its peak in November last year and March 2023, is indicative of potential further price declines based on technical analysis principles.
As an analyst, I’ve observed that XRP has recently dipped below the $0.4872 mark, which is the neckline of its technical pattern. Additionally, a significant bearish signal emerged on April 20th when the 50-day moving average crossed below the 200-day moving average, forming what’s known as a “death cross.”
Thursdays price slid beneath the crucial level of $0.4557, a point it had battled to fall below since May. This potential shift may indicate bearish market dominance, possibly leading to further XRP price decreases.
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2024-07-04 17:47