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.
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.
Related: XRP Price: $12M Max Pain for Bears
Source: Original article
Quick Summary
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.
Source
Information sourced from official Ripple publications, institutional research, regulatory documentation and reputable crypto news outlets.
Author
Ripple Van Winkle is a cryptocurrency analyst and founder of XRP Right Now. He has been active in the crypto space for over 8 years and has generated more than 25 million views across YouTube covering XRP daily.
Editorial Note
Opinions are the author's alone and for informational purposes only. This publication does not provide investment advice.
