Recently, XRP's number of completed transactions saw a significant drop, raising concerns about its market activity and future.
Change in Transaction Activity
In a short span of time, transaction numbers plummeted from over two million to less than one million, indicating a major shift in XRP's market activity. This sharp drop raises questions about the asset's trajectory amid the volatile nature of the cryptocurrency market.
XRP's Resistance and Support
Despite alarming metrics, XRP has shown resilience by rebounding from the lower boundary of the descending channel. Such price patterns are historically indicative of potential reversals when buyers intervene at crucial support levels. However, the lack of more robust network activity is concerning.
Future and Predictions for XRP
For now, traders should closely watch XRP's volume and transaction trends. A continuous decline in network activity might support a bearish outlook. But if XRP holds onto its recent rebound and reaches 12.5 million transactions, a more robust recovery might be on the horizon.
Upcoming trading sessions will reveal whether XRP is poised for a reversal or remains under bearish pressure.
