XRP payment volume plummets, down 97%!
The payment volume of XRP is really dropping rapidly! From a peak of 3.7 billion XRP on December 2nd, it has now dropped nearly 97%, and it has continued to decline in recent days. The trading activity is so quiet that one can't help but wonder if XRP is struggling right now.
Generally speaking, when these key indicators drop, it indicates that the asset's upward momentum is nearing its end. If you look at the price chart of XRP, the descending triangle and consolidation pattern both show that the upward momentum is slowing down. Investors are also feeling uncertain, not knowing if XRP can continue to rise or if it is about to drop.
Right now, XRP is hovering around the 26 EMA support level. Although this EMA is testing XRP, it is still relatively stable and hasn't caused XRP to drop too badly. If XRP can break through this descending channel, the upward momentum may 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 at that point, it could be troublesome, and the price might continue to fall, possibly dropping to the important support level of $1.37.
Speaking of which, why has the payment volume dropped so significantly? It is likely that traders rushed to sell when XRP was surging, resulting in decreased on-chain trading activity. Additionally, the sentiment in the cryptocurrency market is complex right now; some assets have retraced or consolidated after rising, leaving everyone uncertain. Perhaps it was these speculators who drove the price of XRP up, resulting in reduced trading activity.
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