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Cryptocurrency News Articles
XRP Struggles to Keep Pace With Broader Crypto Market Rally as User Participation in the XRP Ledger Blockchain Declines
Sep 28, 2024 at 02:30 am
XRP has struggled to keep pace with the broader crypto market rally that began last week following the Federal Reserve's interest rate cut.
XRP has failed to keep pace with the broader cryptocurrency market rally that began last week following the Federal Reserve’s interest rate cut.
While other altcoins have enjoyed impressive gains, XRP has only managed a modest 2% increase. This underperformance has caught the attention of analysts and investors, who suggest that growing interest in other projects may be diverting attention and capital from the token.
Adding to this concern, user participation in the XRP Ledger blockchain has declined, raising further questions about the project’s long-term prospects.
Data from on-chain analytics firm Santiment reveals a notable drop in user engagement on the Ledger, contributing to a sense of unease among investors. As they witness other altcoins posting double-digit gains, fear and uncertainty are mounting within the XRP community.
Investors are now watching for signs of a XRP price rebound, but until the price can reignite user interest and regain momentum, it risks falling further behind in this bullish market cycle.
With the market poised for a potential shift, all eyes are on XRP to see if it can overcome these challenges and join the broader crypto rally.
XRP Price Faces Stiff Resistance, May Retrace
XRP is trading below the crucial $0.60 price level, a psychological barrier that has acted as resistance for several months. Despite being part of a recent surge in the crypto market, XRP shows signs of a potential retracement.
While the altcoin initially benefited from the broader bullish sentiment, its weakening market signals suggest it may struggle to sustain this momentum soon.
One concerning indicator is the decline in user engagement on the XRP Ledger blockchain. Key metrics from Santiment show that XRP’s Price Daily Active Addresses (DAA) divergence dropped to -74.46% on Monday.
The price DAA divergence measures whether user participation is increasing alongside the price. A declining DAA, especially when the price is rising, is a bearish signal because fewer users interact with the network despite the price increase. This divergence suggests that the recent uptrend could be weak and unsustainable.
If XRP continues to struggle and fails to close above the $0.60 resistance, it may face a more significant downturn. The altcoin could see a deep correction, potentially falling to lower demand levels around $0.55. Investors are now closely monitoring XRP’s price action to see if it can reclaim the $0.60 level and regain momentum or if further declines are on the horizon.
Price Levels To Watch
XRP trades at $0.589 after two weeks of sideways movement, fluctuating between $0.57 and $0.59. Despite several attempts, the price has failed to break above the crucial $0.60 resistance level, leaving it at risk of a downturn. XRP is now approximately 6% above its daily 200 moving average (MA), which sits at $0.548—a critical support that has provided stability in the past.
For bullish momentum to build, XRP must break past the $0.60 barrier and aim for higher supply levels around $0.65. This move would signal renewed strength and potentially trigger a more substantial rally. However, the current price action appears weak, with limited upward momentum. If XRP fails to hold above the $0.60 level, a retest of lower demand zones around $0.55 is expected.
The worst-case scenario for XRP would be an extended period of this sideways range, lacking a decisive breakout in either direction. Such prolonged consolidation could increase selling pressure, driving the price lower.
Investors and analysts are watching closely to see if XRP can reclaim the $0.60 level, initiate a new uptrend, or face further declines.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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