The chaos on the XRP chart shows relatively little upside
XRP has seen its own ups and downs over the past few months. Until a week ago, it looked like the price would go up sharply. But now the hype is subdued.
Chaos on the XRP price chart
On the 4-hour chart, XRP is trading within a descending channel that was formed 4 days ago. The seventh largest token tried on 11/10. However, breaking across the canal re-entered the canal within a few hours. Even at the time of writing, XRP is sloping more towards the lower trendline. In addition, it trades below the moving averages.
XRP / USDT | The source: TradingView
Previously, XRP formed a new long-term bullish structure that could pave the way up to $ 4. However, at the time of writing, the above structure was almost invalid due to the latest red candle.
XRP / USDT | The source: TradingView
Ripple recently announced that it will introduce a new service called Liquidity Hub for companies to easily and efficiently deliver digital assets from the broader crypto market. The user-oriented product will be released in 2022 and will initially support coins such as BTC, ETH, LTC, ETC, BCH and XRP. However, more properties will be added over time.
Unfortunately, this message cannot support the rally of XRP. In general, the price continues to hold the downtrend.
Bottoms
In addition, the state of the key indicators painted a bearish outlook for the token. 11/11 the XRP price reached a 6-month low. Usually, XRP price hikes coincide at a high rate and the current state of this indicator does not suggest it.
The source: mood
In addition, the average investment age of dollars is beginning to decline. Accordingly, it can be argued that inactive coins began to move and broke the broader accumulation trend. And of course that is not a healthy sign either.
The MVRV rate has also remained in negative territory for a longer period of time. It follows that the HODLer earns less than usual in the market. Hence, it’s safe to say that there isn’t much incentive for new investors to enter the XRP market.
The source: mood
Based on the above trends, it can be concluded that the chances of an XRP rally appear rather slim at this point in time.
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The chaos on the XRP chart shows relatively little upside
XRP has seen its own ups and downs over the past few months. Until a week ago, it looked like the price would go up sharply. But now the hype is subdued.
Chaos on the XRP price chart
On the 4-hour chart, XRP is trading within a descending channel that was formed 4 days ago. The seventh largest token tried on 11/10. However, breaking across the canal re-entered the canal within a few hours. Even at the time of writing, XRP is sloping more towards the lower trendline. In addition, it trades below the moving averages.
XRP / USDT | The source: TradingView
Previously, XRP formed a new long-term bullish structure that could pave the way up to $ 4. However, at the time of writing, the above structure was almost invalid due to the latest red candle.
XRP / USDT | The source: TradingView
Ripple recently announced that it will introduce a new service called Liquidity Hub for companies to easily and efficiently deliver digital assets from the broader crypto market. The user-oriented product will be released in 2022 and will initially support coins such as BTC, ETH, LTC, ETC, BCH and XRP. However, more properties will be added over time.
Unfortunately, this message cannot support the rally of XRP. In general, the price continues to hold the downtrend.
Bottoms
In addition, the state of the key indicators painted a bearish outlook for the token. 11/11 the XRP price reached a 6-month low. Usually, XRP price hikes coincide at a high rate and the current state of this indicator does not suggest it.
The source: mood
In addition, the average investment age of dollars is beginning to decline. Accordingly, it can be argued that inactive coins began to move and broke the broader accumulation trend. And of course that is not a healthy sign either.
The MVRV rate has also remained in negative territory for a longer period of time. It follows that the HODLer earns less than usual in the market. Hence, it’s safe to say that there isn’t much incentive for new investors to enter the XRP market.
The source: mood
Based on the above trends, it can be concluded that the chances of an XRP rally appear rather slim at this point in time.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
At home at home
According to AMBCrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
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