$XRP Ledger Liquidity deposits increase, but altcoins face resistance, what’s the next step?
Recently, the development of Ripple (XRP) has attracted much attention. On one hand, the liquidity deposits on the XRP Ledger have increased, indicating a certain positive trend. However, on the other hand, altcoins as a whole are facing significant resistance.
From the price trend, XRP is currently still in a consolidation phase. The price is holding at a support level of $0.52, but the market structure is strongly bearish. Although there is a possibility of a rebound to a local high of $0.62 - $0.66, there is still immense selling pressure.
It’s worth mentioning that a whale withdrew $28.67 million worth of 52 million XRP from Bybit. However, this news has not had a positive impact on market sentiment nor triggered bullish momentum.
Looking at the statistics of the XRP Ledger, from September 15 to October 15, the daily trading volume is comparable to Layer 1 networks, with changes in decentralized exchange activity indicators, and AMM liquidity supply has significantly increased, reflecting an upgrade in confidence. Meanwhile, network growth has exceeded a three-month high.
In terms of transaction numbers, from October 7 to 20, the number of transactions first increased and then decreased. However, rapid network growth may stimulate demand. Currently, bulls need to defend the key support level of $0.52 and may need to scan the $0.508 area first.
So, where will XRP go next? This remains full of uncertainty. Market changes are difficult to predict, but we can continue to monitor its development dynamics to make timely decisions.
