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XRP Correction Looms After ATH

XRP Correction Looms After ATH

Cryptocurrency Analysis

XRP Price Correction: A Look at the Indicators

XRP recently reached a new all-time high (ATH) of $3.40 during a two-week bull run. However, several indicators now suggest a price correction is likely before another rally attempt. Currently trading at $3.11, XRP shows signs of vulnerability.

Technical and On-Chain Signals

The Price Daily Active Addresses (DAA) shows a concerning divergence. Despite the recent price surge, the number of active XRP wallets has decreased. This divergence often signals waning investor interest, a potential precursor to a price drop.

Further reinforcing this bearish outlook, the Moving Average Convergence Divergence (MACD) indicator recently displayed a bearish crossover. This shift, following the short-lived rally to the ATH, indicates weakening market momentum.

  • DAA Divergence: Fewer active addresses despite rising prices.
  • MACD Bearish Crossover: Indicates weakening momentum.

These indicators, combined with a lack of sustained buying pressure, point towards a potential price decline.

XRP Price Prediction: Potential Support Levels

While XRP is currently stabilizing around $3.11, the aforementioned bearish signals suggest this is temporary. A near-term correction to $2.73 is possible before finding support and potentially rebounding.

However, a breakthrough beyond the ATH of $3.40 could invalidate the bearish prediction. This scenario would require increased market participation and renewed investor confidence.

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Remember: This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own thorough research before making any investment decisions.

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Market conditions are subject to change.

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