🚨 ¡$XRP IN TROUBLE! 📉 $3 IS A DISTANT DREAM AND A BRUTAL FALL TO $1.20 IS COMING! 😱💔
📢 If you were hoping to see XRP reach $3 soon, on-chain data brings devastating news! The altcoin is trapped in a consolidation between $2.05 and $2.33, and the reason is clear: declining open interest, weakness in network activity, and technical patterns pointing to an imminent drop. 📉 A grim future looms over #XRP ! 😥
Glassnode data is compelling: daily new addresses and daily active addresses on the XRP Ledger have suffered a massive drop, with only 3,500 new addresses on Thursday, far from the peak of 15,823 in January! 📉 This indicates a drastic reduction in network activity and lower demand for XRP. Historically, less activity means stagnation or price drops! 💀
But it doesn't stop there. The open interest (OI) of #xrp has plummeted by 30% in a month, falling from $5.53 billion to $3.89 billion, according to CoinGlass. This suggests that investors are closing positions anticipating a price drop! 😱 If we look at history, similar drops in OI preceded the brutal 53% drop of XRP in January.
And as if that weren't enough, the price of #Xrp🔥🔥 is trapped below the major simple moving averages (SMAs), which act as resistance. Trader CasiTrades warns: "As long as this [the $2.25 resistance] remains as resistance, the likelihood increases that we sweep lower levels: $2.01, $1.90, even $1.55 are still on the table." A classic descending triangle analysis suggests a possible 45% drop to $1.20 if the key support at $2.00 is lost! 🚨 The RSI has fallen to 51, indicating a growing bearish momentum.🥶
🤔 Do you think investors should prepare for a significant correction and look for opportunities in other altcoins with stronger fundamentals in the short term? 👇💬
