Categories: Market

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

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Whopping $118.7 Million Crypto Withdrawal from Binance in 16 Hours!

Crypto withdrawal a staggering sum of assets from Binance, sending shockwaves through the cryptocurrency community.

10 hours ago

Ethereum Layer 2 Total Lock-up Volume Declines by 0.85% in Week!

Recent data from L2BEAT sheds light on the current state of the Ethereum Layer 2…

10 hours ago

xBankFinance Rug Suspected: Official Recommendation Frozen Amidst Controversy!

xBankFinance, a prominent zkSync ecological lending platform, has come under scrutiny amid allegations of rug…

12 hours ago

NFT Transaction Volume on Bitcoin Chain Plummet Over 50% in Week!

NFT transaction volume on the Ethereum chain surged to approximately US$69.42 million, marking a notable…

12 hours ago

10x Research Reveals Potential Downfall of ETF Investments!

Crypto research firm 10x Research has raised concerns about Bitcoin's recent performance, highlighting new lows…

13 hours ago

Italy’s Securities Regulator Blocks Illegal Crypto Trading Platforms

Italy's securities regulator, Consob, expands its crackdown on unauthorized trading websites, including crypto.

20 hours ago

This website uses cookies.