Amid a notable decline in network activity, XRP continues to demonstrate stability, keeping its price above key moving averages.
Current State of XRP
XRP's price has slightly decreased by 0.43% over the past day, trading at $2.43. Despite the descending channel, the asset maintains support at the 50 and 100 EMA levels at $2.39 and $2.31, respectively.
Decline in Network Activity
Recent statistics show a sharp drop in the number of successful transactions from 2.6 million to 1.9 million per day, marking one of the most significant short-term contractions in recent memory. Despite this, there has been no price breakdown, which may suggest user preparation for larger-value transactions.
Potential Prospects for XRP
A slightly bullish bias on the RSI supports a price compression toward the upper limit of the descending trendline, which could lead to a breakout above $2.60. Despite the transaction volume contraction, XRP maintains a cautiously bullish bias by holding structure above the 50 EMA.
The RSI positioning and persistent support levels for XRP all point to possible accumulation. XRP will be a closely watched asset as a breakout remains possible if momentum picks up.
