CandleFocus Long-Term Holders’ Panic Drives XRP Price to 2-Month Low
2024-10-26
Author: Content Editor
The price of XRP has been declining since October, raising concerns among investors. Long-term holders (LTHs) have been reacting with uncertainty and moving their holdings following the price drop, indicating a level of panic among seasoned investors. The lack of confidence among LTHs may create additional selling pressure and exacerbate the downward trend. XRP's network growth initially saw a boost as its price declined, suggesting new investors were entering the market at lower levels, but this optimism has since waned. XRP's decline in network growth reflects a reduction in new addresses joining the network, indicating it may be losing traction. Currently, XRP is trying to reclaim $0.52 as a support level, which is crucial for any potential upward movement. If XRP manages to secure this support, it could rally back to $0.55. However, the lack of strong, bullish signals presents a challenge for XRP's recovery.
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