The cryptocurrency XRP continues to face pressure at the $3.10 resistance level, causing concerns about potential price growth in the near future.
Formation Signals and Current State
At the end of July, the XRP price chart displayed an inverted head and shoulders formation, typically indicating a change in trend. However, the anticipated upward movement did not materialize. The market again succumbed to selling pressure, with an overall downtrend observed since then. Throughout August, the price approached the $3.10 level multiple times but was met with selling pressure each time.
Diverse Growth Scenarios
Some analysts maintain an optimistic view, suggesting a potential price rise to $4.30. Analyst Gordon commented, "The XRP fractal looks strong; the rise will surprise many." However, significant price increases typically require strong user interest in the network, which seems unlikely in the current scenario.
Network Activity Analysis
According to Glassnode data, as of August 27, the number of active addresses on the XRP network had dropped to 38,303. This decline indicates that the network does not support current price movements. Earlier in June, active addresses surged beyond 500,000, but since the end of July, the trend has been downward.
At present, XRP faces challenges in overcoming the $3.10 resistance level, and without significant growth in network user activity, further price growth remains uncertain.
