XRP Signals Trend Reversal Amid Key Support Levels
Key Takeaways
Ripple (XRP) is showing signs of a potential trend reversal. A classic head-and-shoulders pattern could indicate an upcoming correction. However, there are strong support zones at $2.40 and $2.15. On-chain activity remains stable, and market equilibrium suggests a consolidation phase.
Head-and-Shoulders Pattern: Is a Price Decline Imminent?
The head-and-shoulders pattern is a well-known technical signal for a potential trend reversal. It consists of three consecutive price peaks, with the middle peak (the head) being higher than the two outer peaks (the shoulders). The so-called neckline acts as a critical support level. A break below this line could confirm a downtrend.
Currently, XRP is trading at $2.40, reflecting a 1.96% decline in the last 24 hours. If the price falls below the $2.40 support level, the next holding zone could be at $2.15. On the other hand, XRP would need to break through resistance levels at $2.61 and $2.90 to continue its upward trend.
On-Chain Activity: Are Users Staying Engaged?
Despite recent price fluctuations, XRP’s on-chain activity remains stable. The number of active addresses has increased by 1.12% to 30,390. This suggests that there is still strong interest in using the network.
The number of transactions has also seen a slight increase of 0.77%. This trend indicates ongoing market participation, which could contribute to the long-term stability of XRP’s price.
Taker Buy-Sell Ratio: Balanced Market Behavior
XRP’s taker buy-sell ratio currently stands at 0.49. This value suggests that neither buyers nor sellers have a clear dominance. Over the past 24 hours, the ratio has increased by 0.99%, indicating a wait-and-see approach among market participants.
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Additionally, the network value to transactions (NVT) ratio has risen by 41.61% to 266.07. A high NVT value can suggest that XRP is overvalued relative to transaction volume. This could be a sign of an impending correction.
Our Assessment
The head-and-shoulders pattern signals a potential price correction for XRP. However, on-chain activity remains stable, and market equilibrium suggests a consolidation phase. The key factor will be whether support levels at $2.40 and $2.15 hold. If XRP defends these levels, a renewed upward movement could follow. Otherwise, a further decline may be imminent. The coming days will reveal the market’s direction.
| Symbol | XRP |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | $2.39 |
| 24h % | -1.89 % |
| 7d % | -1.80 % |
| 30d % | -11.89 % |
| 60d % | -23.11 % |
| 1y % | 277.61 % |
| Official Links | Website |
| Socials | X |
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