The number of new XRP addresses plummets by 44%, short-seller pressure intensifies, is it difficult to hold at $2?
In the past month, the number of new addresses on the XRP network has dropped from 5,200 on March 22 to 2,900 on April 17, a decrease of 44%. The number of new addresses is a direct reflection of user activity and confidence, and its sharp decline indicates a continuous outflow of funds and attention.
The technical outlook is also not optimistic. Trader Ali Martinez points out that XRP is forming a classic 'head and shoulders' pattern, with the neckline support at $2.05 already breached. If this position cannot be quickly reclaimed, it may drop to the $1.30–$1.40 range.
On the other hand, whale trading volume has begun to increase, suggesting that some large holders may have positioned themselves in advance. However, this does not necessarily indicate good news; it may instead be a signal of short-seller gathering. Market sentiment is leaning towards fear, with the RSI at 49.40, indicating neutral to weak momentum.
It is worth mentioning that XRP still stands above the 200-day moving average, indicating that the long-term structure has not been completely broken. As the lawsuit with the SEC comes to a close, any favorable outcome may serve as a catalyst for a bullish rebound.
Summary of views:
Short-term bearish, medium-term wait-and-see, with key support at $1.60 and the 200-day moving average; if there are no major positive developments in the fundamentals, XRP may continue to face pressure. But note, a significant drop may also mean that the opportunity for a medium-term buy is gradually approaching.
