The article discusses the on-chain data and market trends of Ripple's XRP cryptocurrency. The on-chain data indicates declining investor interest, as profits and the percentage of total supply in profit have decreased. Open interest in XRP futures has also declined, suggesting low investor interest or liquidation of positions. Despite these trends, XRP's price has seen a 2% increase and has crossed above the upper boundary of a symmetrical triangle and the 50-day SMA. If it maintains momentum and crosses above the 100-day and 200-day SMAs, it could rally towards $0.5608. However, a rejection near the 200-day SMA could send its price lower towards support at $0.4860.
- Content Editor ( fxstreet.com )
- 2024-11-06
XRP could move toward $0.5608 resistance, on-chain data indicates declining investor interest