【gambling stake crossword clue】-1,000,000 XRP Not Level Anymore

XRP losing key on-chain level as network's activity going down Advertisement

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With on-chain metrics and technical indicators suggesting a worrying slowdown, XRP is once again having difficulty holding its ground. XRP has experienced yet another price rejection close to the 100 EMA, a critical dynamic resistance line that the asset has not been able to break since late February following a brief test of the upper boundary of its descending trading channel. With its current price at about $2.14, XRP is holding onto modest gains but is losing ground.

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The asset is situated below several resistance levels, such as $2.23 and $2.42, which have both caused reversals in the past. Support is still weak, and $2.00 is the nearest noteworthy threshold. A decline below this threshold might lead to a second retest of the local bottom around $1.95.

From the standpoint of network activity, the situation is equally concerning. Payments across the XRP Ledger have significantly decreased, according to on-chain data. As of April 14, the amount of money transferred daily between accounts has dropped below the psychological one million threshold, reaching 997,121. 

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Although the number may appear to be slightly lower, it is actually a critical threshold that has historically been associated with network outages and decreased user engagement. A token that primarily depends on real-world use cases to generate value may be at risk of declining network activity, which frequently indicates waning investor confidence or a lull in institutional utility. 

This sentiment is supported by the volume stagnation seen on the price chart. Over the past week, XRP's trading volume has been declining, which emphasizes the lack of bullish conviction even in the face of macromarket improvement. Bitcoin's resilience is driving a recovery on the larger cryptocurrency market, while XRP seems to be falling behind.

Any rally in the near term runs the risk of turning into a bull trap unless the asset effectively breaks above the $2.42 resistance, with increasing volume and a reversal in on-chain usage. To put it briefly, XRP needs to pick up both technical strength and transactional activity again in order to avoid being one of the few laggards in a market that is otherwise reviving.