Despite a significant decline in transaction numbers on the XRP network, the cryptocurrency's value has increased by 5%. This raises discussions about the current network activity level and potential future price movements.
Price Rise of XRP amid Transaction Activity Drop
The number of executed transactions on the XRP network has decreased from 11.6 million to roughly 600,000. However, this decline did not prevent a 5% price increase, with XRP currently trading around $2.145. Investors speculate that the lower activity might be due to holders' patience rather than active selling.
Market Consolidation and Network Movements
The current price rise might indicate a consolidation phase in the market. Despite the drop in transaction counts, which is usually linked to decreased network activity, many investors are not rushing to sell their assets. This supports the hope for further XRP recovery.
Future Resistance and Support Levels for XRP
If this momentum continues, the next resistance levels might be around $2.62 and $2.80. Breaking these levels could push the price towards the psychological $3.00 barrier. On the other hand, if selling pressure increases and the asset fails to hold above $2.40, a retreat to support levels at $2.20 and $2.00 is possible.
The recent 5% price increase paints a contradictory picture for XRP. The price stabilization might indicate a possible recovery in the future, but the lack of on-chain support and trading volumes in the market suggests no recovery is forthcoming.
