Here’s What On-Chain Data Hints For XRP Price!

Author: Sohrab Khawas

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    The on-chain behavior for Ripple’s XRP over the last few days has revealed a gradual decrease in the demand for the top altcoin. In the last month, the price of XRP fluctuated between $0.30 and $0.38 and it hasn’t been able to break through the overhead resistance in the last three days.

    Data from Santiment reveals that there was a sharp rise in the number of unique addresses transacting XRP.

    Similar to this, a sizable amount of previously dormant tokens changed course on the same day that the consumed token age reached a record-breaking high of 854.32 billion. Since December 2020, this level has been the metric’s highest ever.

    XRP Price Action:

    The price of XRP has started to rise since July 12. On July 20, however, it broke free of a rising wedge, which was followed by a decline in the tokens price. The token traded at the $0.37 level and has maintained the level.

    On a daily chart, however, investor interest appeared to have held steady despite the token’s bearish outlook. At the time of writing, the Relative Strength Index (RSI) for XRP was seen moving upward at 54.99. The token’s money flow index (MFI) was going upward at the time of writing due to steadily rising buying pressure.

    On-chain analysis:

    On July 20, the number of daily active addresses trading XRP tokens increased by more than 500% to 158,740 unique addresses. It reached a peak of 169,560 addresses on July 21. In the last two days, this statistic has decreased by 95% for 8110 addresses as of the time of writing.

    The amount of new addresses generated on the network has gradually decreased over the past three days. A 13 percent decline was seen over 1,461 addresses for the three days under consideration.

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