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kirani

09/14 12:49

Price analysis Despite its efforts to overcome re

Price analysis

Despite its efforts to overcome resistance, the structure indicates that XRP is still vulnerable. The $3.00-$3.10 range is turning out to be a crucial area of conflict. A persistent close above $3.10 might pave the way for a retest of the annual highs and open the way toward $3.40. Conversely, if this area is not regained, support levels at the orange EMA line ($2.81) and the 200-day moving average ($2.50) would once again be relevant. Since the RSI is close to neutral, it appears that momentum is not clearly in favor of bulls.1000066463

This uncertainty is increased by on-chain data. Between Sept. 12 and two days later, the number of transactions executed fell precipitously from over 11.7 million to much lower levels. A bearish indication that casts doubt on the bullish breakout story, this decline indicates waning activity on XRP Ledger. Strong rallies are usually followed by high activity, so declining transactions during a breakout attempt indicate weakened network participant conviction.
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