Drop activity, drop in price
Despite the legal victory, the performance of the XRP market tells another story. The data on the chain reveal a sharp drop in daily active addresses, which suggests that it is to remove user engagement.
Source: Santiment
Historically, a sharp decrease in active addresses is correlated with lower liquidity and a reduction in speculative interest, which can exacerbate the moment down.
Over the past two weeks, XRP has lost more than 11% of its value, has trouble finding support such as sales pressure media.
Source: CoinmarketCap
The drop in networks’ activity could indicate the customs clearance of investors, while traders turn their attention elsewhere.
Without renewed utility or fundamental catalyst, XRP may drop unless buyers return to the market in force.
XRP: Will the support draw?
The action of XRP prices remains down, the token trading at $ 2.18 at the time of the press after a brief rebound in relief. The RSI is 42.65, signaling a weak momentum and a place for further on before entering the territory of occurrence.
Meanwhile, the OBR was lower than the drop, suggesting a drop in purchase pressure.
Source: tradingView
The recent downward trend has seen XRP lose key support levels and without a strong reversal, other drops around $ 2.00 are possible. If the bulls regain control, resistance almost $ 2.30 could make a challenge.
A break above this level would be necessary for a change of trend. However, the declining OBV indicates that traders remain cautious.
If the sales pressure persists, XRP could release lower supports, potentially revisiting $ 1.90 in the coming days.