XRP’s on-chain activity has significantly decreased, signaling potential shifts in market sentiment and transactional demand. Dogecoin has broken down from a key technical structure, erasing gains and facing a difficult uphill battle for recovery.
What to Know:
- XRP’s on-chain activity has significantly decreased, signaling potential shifts in market sentiment and transactional demand.
- Dogecoin has broken down from a key technical structure, erasing gains and facing a difficult uphill battle for recovery.
- Shiba Inu remains under pressure, requiring improved market sentiment and utility from its layer-2 solution, Shibarium, to regain ground.
XRP’s network activity has seen a drastic reduction, potentially indicating a shift in market sentiment. Dogecoin has broken below a critical technical pattern, erasing months of gains. Shiba Inu is facing increasing pressure, struggling to recover important moving averages.
XRP’s payments volume has decreased by almost 90% from its peak in October, reflecting a cooling trend in its ecosystem. The number of payments has also declined sharply, raising concerns about institutional and network-level usage. This decline in on-chain activity coincides with a bearish technical outlook, as XRP struggles below its 200-day moving average.
Dogecoin’s breakdown from its descending triangle pattern has erased all gains since mid-year, returning the asset to negative territory. The token’s price dropped more than 6% in a single day, perilously close to the next significant support level. The 50-day and 100-day moving averages are curving downward, suggesting increased bearish pressure if bulls fail to stage a swift recovery.
Shiba Inu is under increasing pressure as bearish momentum permeates the market, struggling to recover important moving averages. The asset remains below its 200-day moving average, indicating a persistent downtrend. For SHIB to regain ground, there needs to be a significant improvement in market sentiment and demonstrable growth in on-chain activity from Shibarium.
Overall, the cryptocurrency market is experiencing a period of uncertainty, with multiple assets showing signs of weakness. The lack of capital inflows and declining on-chain activity are creating headwinds for potential rallies. Investors and traders should closely monitor market sentiment, technical indicators, and fundamental developments to navigate these challenging conditions.
Related: XRP Price: $12M Max Pain for Bears
Source: Original article
Quick Summary
XRP’s on-chain activity has significantly decreased, signaling potential shifts in market sentiment and transactional demand. Dogecoin has broken down from a key technical structure, erasing gains and facing a difficult uphill battle for recovery.
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.
