The XRP price has been locked in a tight range around $2.13 as of Tuesday, May 6, representing a modest 2.7% dip over the last 24 hours. Despite recent gains of over 5% on the weekly chart, analysts and investors remain cautious about the immediate future of the Ripple currency price.
The latest price behavior follows a close below XRP’s 50-day Exponential Moving Average (EMA) at $2.20 over the weekend. This move has triggered bearish sentiment, with technical indicators signaling the potential for further downside. The Relative Strength Index (RSI) has slipped to 47 on the daily chart—below its neutral threshold—suggesting selling pressure could persist if momentum fails to rebound.
One of the more concerning developments from a fundamental perspective is the steep drop in user engagement on the Ripple ledger. According to Santiment’s on-chain metrics, daily active addresses on the XRP network have plunged from their Q1 peak of around 612,000 to just 40,000 in early May.
