Peter Smith
XRP (XRP) has recorded a massive 2.6 million on-chain transactions in the past 30 days, but despite this surge, the price remains under pressure and struggles to hold above key resistance levels.
XRP (XRP) Sees Unprecedented 2.6 Million On-Chain Transactions
XRP has witnessed an impressive surge in on-chain activity, with 2.6 million transactions recorded over the past 30 days. This spike in network activity signals heightened investor engagement, but its impact on price action remains uncertain. Despite this surge, XRP's market performance has been lackluster, currently trading around $2.15 after facing strong rejection at higher levels.
XRP (XRP) Price Struggles Amid Selling Pressure
Over the last few months, XRP has demonstrated strong bullish momentum, reaching a high of $3.20 before selling pressure forced a pullback. After dipping to $2.20, XRP recovered to above $2.50, showcasing resilience amid volatile market conditions. However, resistance at $2.75 remains a key barrier, preventing further upside movement.
The inability to sustain gains above $2.75 suggests persistent selling pressure at higher levels. Currently, XRP finds immediate support at the 50-day moving average of $2.52. If the asset fails to hold this level, the next critical support lies at $2.30, where the 200-day moving average could provide stability.
XRP (XRP) Key Support and Resistance Levels
A break below $2.30 could lead to a deeper correction, pushing XRP toward the psychological support level of $1.82. Conversely, if bullish momentum strengthens, XRP must reclaim the $2.75 mark to attempt another push toward the $3.00 resistance zone.
The recent increase in on-chain transactions suggests growing network activity, potentially driven by whale movements or institutional investors. Historically, such spikes have preceded significant price swings, though the direction remains uncertain.
Will XRP (XRP) Gain Bullish Momentum or Face Further Declines?
If the surge in transactions is due to accumulation by large holders, XRP could experience renewed bullish momentum. However, if this activity represents distribution, the asset may struggle to maintain current levels. Holding above the $2.52 support could indicate strength, with possible targets at $2.75 and $3.00. Conversely, if selling pressure intensifies, XRP could decline toward $2.30 or even $1.82.
As XRP remains in the spotlight, traders should closely monitor price action and network activity to determine the asset’s next move. While the 2.6 million transaction surge is a positive signal, its long-term impact on XRP’s price direction remains to be seen.
Peter Smith
