The XRP price is trading at $2.17 after a 3% drop in the past 24 hours, on a trading volume that jumped 26% to $2.47 billion.
For the last month, XRP has been stuck between $2.05 and $2.33, unable to break past $3. One big reason is that fewer people are using the XRP network.
New wallet addresses have fallen from 15,823 in January to just 3,500 now. Active users also dropped from 577,000 to 34,360.
Another issue is that open interest (the total value of trading positions) has fallen by 30%, from $5.53 billion to $3.89 billion. This means traders are backing out, likely expecting the price to fall.
Big drops in open interest have usually come before XRP’s price falls. Earlier this year, something similar happened when XRP dropped 53% from $3.40 in January to $1.61 by April 7.
Unless something major happens to boost confidence, XRP may continue moving sideways or drop further.
XRP Price Nears Breakout as Momentum Squeezes in Tight Pattern
The XRPUSD trading pair is currently trading at $2.17 and has been moving in a tight range between $2.05 and $2.33 for the past month. The chart shows a triangle pattern forming, which often means a big price move is coming soon.
Right now, XRP is sitting near an important support zone around $2.17. If the price breaks above the triangle and clears resistance around $2.23, it could jump by over 50% to around $3.30.
The chart shows an ABCD pattern, with resistance from a falling trendline starting at $2.65 (point B) and support around $2.01 (point C). XRP price has been moving sideways near the $2.13 level, which is the 50% Fibonacci mark and an important support zone.
But to do that, it needs strong buying power and volume. The 50-day and 200-day moving averages are just above the current price, at $2.21 and $2.23. These could slow down any upward move if buyers don’t step in strongly.
XRP Price Targets Breakout as Support Holds
Meanwhile the momentum indicators are neutral. The RSI is at 45.95, showing no strong trend yet. The MACD is slightly negative, which means there’s still some pressure on the downside though a crossover could trigger a bullish shift if momentum picks up..
If XRP fails to hold support, it could fall to $2.01 or even lower to around $1.83. In short, XRP is at a key point. A breakout above $2.23 could lead to a strong rally, but a drop below $2.05 might mean more losses ahead.
