What to Know:
- XRP’s on-chain activity has significantly declined, with payment volume dropping nearly 70%.
- Shiba Inu struggles to maintain support levels, indicating a potential for further price declines.
- Ethereum is trading just below the crucial $4,000 mark, a key level for future market direction.
XRP has seen a notable decrease in on-chain activity recently. Data shows a significant drop in payment volume, a key metric for assessing network utility. This decline raises questions about the demand for XRP and the overall health of the Ripple ecosystem.
The decrease in XRP payment volume suggests a potential slowdown in remittance or institutional activity. XRP’s on-chain metrics have historically declined alongside price stagnation. The current technical analysis shows XRP trading around $2.49, below resistance levels at $2.78 and $2.81.
Shiba Inu is facing challenges as it struggles to maintain short-term support levels. The token is currently trading around $0.0000099, trapped in a descending channel. Unsuccessful attempts to break above $0.0000105 highlight persistent selling pressure.
The overall technical picture for SHIB shows trading far below its 200-day and 100-day moving averages. With the RSI at 41, there are no clear indications of a bullish divergence. A critical support level to watch is near $0.0000075, where buyers previously intervened.
Ethereum is currently trading just below the important $4,000 level. This mark represents both a technical and psychological barrier for the market. ETH is trading around $3,850, showing resilience despite facing resistance.
Ethereum’s daily chart shows continuous consolidation between $3,600 and $4,200. A decline below $3,600 could expose ETH to a retracement toward $3,400. Reclaiming the $4,000-$4,200 range would signal a potential bullish resurgence, possibly paving the way for $4,500-$4,800.
In conclusion, the crypto market presents a mixed bag of signals. XRP’s declining on-chain activity, Shiba Inu’s struggle to hold support, and Ethereum’s battle around the $4,000 mark all warrant careful observation from investors and traders navigating the current market landscape.
Source: Original article
