Right, so apparently XRP‘s on-chain thingies have taken a bit of a nosedive in the last 48 hours. Down 50%! Fifty! Suddenly feeling a bit like my bank balance after a spontaneous online shopping spree 💸. Supposedly this is bad. Like, “market structure” bad. Whatever THAT means. Probably something involving complicated graphs and me needing another glass of Pinot Grigio.
Key on-chain thingies in crisis
Apparently, the number of payments on the XRP network has plummeted. Like, everyone suddenly decided to pay in cash or something. Payment volume also went splat after a brief moment of glory at the beginning of the month. And active addresses? Vanishing faster than my motivation to go to the gym on a Monday. Oh dear. 😬
This decline in “on-chain activity,” sounds like a dodgy yoga class, is often linked to low investor confidence. Or maybe everyone’s just broke after Christmas? But maybe it’s just the overall market being a bit rubbish. Still, supposedly, XRP is losing momentum, but things aren’t “that” bad. Famous last words, eh?
Price panic and scary levels
Currently, XRP is bobbing around $2.46, after bouncing off $2.18, which apparently is “critical support.” Sounds like a very flimsy pair of Spanx, if you ask me. Still stuck below the 50 EMA, which is apparently a “bearish signal.” Whatever that is, it sounds like something you’d want to avoid. Next hurdle is $2.69, where XRP got rejected. Ouch. A breakthrough would be a “reversal signal.” Which is what I’m hoping for after that dodgy kebab last night. Only retail buyers are buying, which is apparently NOT ENOUGH. Honestly, can’t anyone help a girl out? 😩
If XRP loses $2.18, then apparently it’s heading for $1.65. Which is where the 200 EMA lives, one of the strongest support levels. Losing THAT would signal “the end of a bullish trend.” Cue dramatic music. And an acceleration of selling pressure. I need another G&T.
What’s next for XRP? (Apart from me selling?)
Apparently, a lack of activity is a signal to run away screaming. And things are unlikely to improve in such conditions. Luckily, we’re probably heading for “neutral” instead of a “catastrophic outflow.” Sounds promising. Maybe. I’m not holding my breath. 🙄
Staying above 50 EMA and grabbing $2.7 are the keys to turning this whole mess around. Then, XRP might try to sneak past $3. But the “on-chain activity” needs to ramp up. In order to give XRP’s price reversal some legs. Good luck with that, eh? I’m off to buy some shoes. Retail therapy > crypto therapy, any day. 😉
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2025-02-09 15:43