🛡️ XRP Holds the Line — Key Support Intact Amid Prolonged Consolidation

XRP price is above the 50-day EMA support as bulls seek to reach $3.00.

XRP's 44% reduction in active addresses since January 1 suggests doubts about its ascent.

The surge in XRP futures long liquidations and volume reflects negative sentiment.

Ripple's (XRP) price has remained rangebound for over a week, hovering around $2.33 on Tuesday. The cross-border money remittance token rose to $2.65 on May 12 as Bitcoin (BTC) reached fresh highs. The upswing ended, leaving XRP susceptible to profit-taking and a lack of faith in the $3.00 climb. The choppy behavior in a tight range between $2.27 and $2.34 signals traders may be cautious until the bull-bear deadlock is resolved.

XRP Ledger's active addresses decrease 44% as confidence drops.
The sustained consolidation in XRP price suggests changes in fundamentals, particularly blockchain protocol user involvement. The data below shows CryptoQuant's Active Addresses dropping 44% from 39,515 to 22,253.

This measure positively correlates with XRP price, according the graphic. A decrease in active addresses might negatively effect the token, perhaps causing price decreases.
The XRP futures Open Interest (OI) fell from $5.52 billion on May 14 to $4.77 billion at the time of writing, according to CoinGlass statistics.

XRP trades sideways between $2.27 and $2.34, therefore traders should wait for the next breakthrough.

At $2.30, XRP is just above the 50-day Exponential Moving Average (EMA) support. The 100-day EMA supports $2.27 just below this level.

The Money Flow Index (MFI), a momentum indicator that tracks money entering and leaving XRP, is also falling. Bearishness is supported by the slide from near-overbought circumstances at 76 on May 14.

Selling pressure may increase if prices fall below the 50-day and 100-day EMAs. Thus, traders interested in buying the drop should watch the 200-day EMA at $2.06 and the April 7 low at $1.61.

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