- XRP has a positive outlook based on network value metrics.
- The short-term decline was made possible by magnetic areas located just below the market price.
ripple [XRP] Gold price was trading above the medium-term resistance area, giving a good chance to rise towards $0.7, the range high. Short-term sentiment was also strongly bullish.
However, demand from spot markets has been weak. Local resistance at $0.63 has been formidable since mid-July. AMBCrypto analysis shows that accumulation is underway – but is this enough to push the rally to range highs?
The scales on the chain indicate an upward trend.
source: Santiment
Development activity has been low in absolute terms, and its trend has also been declining recently. This is not encouraging for long-term investors.
Daily active addresses saw a significant peak in mid-July following the SEC ruling, but have since calmed down. Network growth has been stable and has grown slightly since June.
After a sharp price drop in early August, the average age of the coin started to rise. This showed that the token was accumulating. At the same time, inactive trading was also low, which means that the token’s movements are low, which may precede high selling pressure.
The average short-term interest rate was positive, showing that holders of the coin made a slight profit, but it was nowhere near the highs seen in mid-July. XRP’s gains were severely hampered by profit-taking activity and a shift in market sentiment at the time.
Liquidity supports XRP price decline
AMBCrypto found that the data from the liquidation heatmap was bearish in nature. The liquidation levels were densely clustered around the $0.58-0.59 area.
This has set it as a target, but a break above these levels is also likely to send XRP higher. This move could extend towards $0.7 from the range highs.
Read the Ripple book [XRP] Price forecast 2024-2025
In other news, Stuart Aldroty, Ripple’s chief legal officer noted that in the Kraken case, it was emphasized that there is no such thing as a security for crypto assets.
He thought this was it. Bad news for the SEC Because this is the argument on which the SEC relies in its policy of regulation by enforcement.
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