XRP payment volume plummets, down 97%!
The XRP payment volume is really dropping rapidly! From the peak of 3.7 billion XRP on December 2nd to now, it has directly fallen by almost 97%, and it continues to decline in the past few days. The trading activity is so sluggish that one can't help but wonder if XRP is not doing well anymore.
Generally speaking, when these key indicators drop, it indicates that the asset's upward momentum is nearing its end. Just look at the XRP price chart; the descending triangle and consolidation pattern both show that the upward momentum is slowing down. Investors are also feeling uncertain, not knowing whether XRP can continue to rise or if it is about to fall.
Right now, XRP is hovering at the 26 EMA support level. Although this EMA is testing XRP, it is holding steady and hasn't let XRP drop too severely. If XRP can break through this downward channel, the upward momentum might return. But if sellers gain the upper hand and push the price below the lower limit of the triangle, XRP might have to return to the $2 level. If it breaks down further at that point, it could be quite troublesome, as the price would continue to drop, possibly even hitting that important support level of $1.37.
Speaking of which, why has the payment volume dropped so severely? It is likely that traders rushed to sell when XRP surged, resulting in reduced on-chain trading activity. Moreover, with the current complex sentiment in the cryptocurrency market, some assets have retraced or consolidated after rising, leaving everyone feeling uncertain. Perhaps it was these speculators who drove up the XRP price, resulting in decreased trading activity.
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