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XRP Major On-Chain Metrics Lose Up to 50%: What’s Happening?
The recent downward spiral of Ripple (XRP) has taken a devastating toll on the asset’s key on-chain metrics. In a shocking turn of events, these critical metrics have lost up to 50% in value, leaving investors and analysts alike wondering what’s behind this precipitous decline.
According to reports, XRP’s loss of $2.18 will open up the way to $1.65, the price level that coincides with 200 EMA — one of the strongest support levels for the price there is. Losing it could signal the end of a bullish trend and cause an acceleration of selling pressure.
The lack of activity on XRP’s blockchain has raised concerns about the asset’s future prospects. The absence of buying support, coupled with the decline in on-chain metrics, paints a dire picture for potential investors looking to join the market.
However, instead of being overly pessimistic, we should acknowledge that there is still hope. Staying above 50 EMA and reclaiming $2.7 are the keys to reversal for XRP. Later on, XRP might attempt to push above $3.
To trigger a price reversal, XRP’s on-chain activity needs to surge, providing more ground for the asset’s price recovery.
Source: u.today
