XRP has been locked in a long-term consolidation phase, lingering below critical resistance for over a month with no signs of a breakout.

This lack of upward momentum has frustrated traders and weakened market confidence.

Recent data paints a bleak picture: over the past 48 hours, XRP futures open interest plummeted by more than $1 billion, highlighting a dramatic decline in investor confidence. What drove this significant shift in sentiment?

XRP futures OI down $1 billion

Within 48 hours, XRP futures OI dropped by $1 billion from $2.9 billion. This sharp decline followed a failed breakout that briefly fueled optimism.

As traders pull out funds, the drop in OI indicates rising bearish sentiment. The failure to break through key resistance levels has increased skepticism regarding XRP's recent outlook and market activity.

XRP: Key investor uncertainty?

The XRP price DAA divergence chart highlights a severe mismatch between price performance and network activity.

As XRP's price surged in late November, the DAA divergence sharply turned negative, indicating that network participation failed to expand with the rebound.

This divergence indicates that price movements are driven more by speculative trading rather than organic network growth or utility adoption.

After the rebound, the DAA divergence remains in negative territory, reflecting ongoing skepticism among on-chain participants.

If active addresses do not increase, the ability of the price to maintain momentum could be at risk.

Despite the recent surge, the lack of strong on-chain activity has raised concerns about the sustainability of any recent recovery, and unless network fundamentals improve, XRP may remain in a consolidation or downtrend.

Key levels to watch

XRP's price action remains at a critical juncture, defined by a prolonged consolidation phase below the $2.73 resistance level.

Over the past month, the token's value has dropped by 20%, yet it has managed to stay above the critical $2.00 support level.

This level acts as both a psychological anchor and a technical anchor, which can prevent further declines despite growing uncertainty in broader market conditions.

The indicators portray a mixed picture for the token's trajectory. RSI hovers around 50.98, reflecting a neutral stance in the market and indecisiveness among participants.

Trading volume remains lackluster, highlighting that breakouts do not require significant buying pressure.

Similarly, the OBV trend highlights a lull in capital inflows, raising questions about the token's ability to sustain upward momentum without renewed interest.

A breakout above $2.73 could pave the way for a rebound to XRP's historical high of $3.31, reigniting investor optimism.

Conversely, a breakthrough below the $2.00 support level could exacerbate the current stagnation and deepen bearish sentiment.

Before any decisive catalyst appears, XRP seems locked in a cautious equilibrium, with the next steps dependent on broader market dynamics and the restoration of network confidence.


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