XRP has experienced a 9% price increase since September 6, reaching a resistance level at $0.60. However, decreased demand and a decline in network activity indicate potential challenges ahead.
From September 13, daily active and new XRP addresses have dropped, signaling reduced interest. In the last three days, wallets completing transactions decreased by 18%, and new addresses fell by 8%.
Currently trading at $0.57, XRP’s price has declined by 3% in two days, falling below its 20-day EMA. This serves as a short-term support level, indicating weakening momentum. Traders view breaking below the 20-day EMA as a signal to exit long positions and take short ones, anticipating further price declines.
XRP’s price has also fallen below the Leading Span A of the Ichimoku Cloud, indicating a weakening bullish trend. If demand doesn't pick up, the price might drop toward another critical support level, the Leading Span B.
If XRP falls below Leading Span B, it could face a deeper downtrend, potentially dropping to its August 5 low of $0.38. However, renewed demand could push XRP’s price above $0.60, potentially reaching $0.74.
