Ripple: XRP swims on Dead Sea
XRP has been consolidating since the settlement was announced, failing to break above significant resistance levels.
Markets speculate that investors may await more regulatory clarity before taking new positions or that the outcome may have already been priced into XRP. Price action and on-chain metrics point to a troubling short-term outlook, with XRP displaying indications of waning market support.
XRP’s key on-chain values have dropped by over 65%, indicating a dramatic drop in user activity and network engagement.
The warning signal authenticated bearish pressure. The Ripple-based token is just above a critical support level at $2. The 200-day EMA is in line with 94. Such a level served as XRP’s primary buffer, averting a more serious collapse.
The altcoin is still stuck in a lengthy downward channel with lower highs and lower lows, though. Members of the XRP community are still awaiting an official public statement from the SEC on Ripple’s settlement deal.
The Commission has previously released comprehensive press releases explaining the reasoning and ramifications of settlements involving crypto entities. No such announcement about the Ripple settlement has been made public. This silence has increased conjecture about the deal’s ramifications, especially about XRPs.
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