This On-Chain Metric Spells Difficulty for XRP Following GLOW Airdrop

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This On-Chain Metric Spells Difficulty for XRP Following GLOW Airdrop
  • XRP has actually seen some combined rate action since late, with the cryptocurrency’s rate not breaking strongly listed below $0.50 as the selling pressure put on it starts installing
  • The cryptocurrency is now on the cusp of seeing a sharp decrease, with experts keeping in mind that an ongoing bout of trading listed below this level might be alarming
  • One analytics company is likewise keeping in mind that the conclusion of the current GLOW token airdrop to XRP holders has actually triggered it to see a sharp decrease in basic strength
  • The variety of distinct addresses communicating with the network has actually plunged, relapsing to its month-low levels
  • Without any drivers for benefit on the horizon, the capacity for drawback is fantastic and growing

XRP has actually seen some combined rate action since late. The cryptocurrency’s break above its long-held trading variety has actually been captured within for the previous couple of years.

This variety existed in between $0.20 and $0.30, with the selling pressure at the upper limit of this trading variety reducing its rate on numerous events over the previous couple of weeks and months.

The current GLOW airdrop was a driver for breaking this variety, which assisted improve its technical strength and stimulate a parabolic rally to $0.90 on some exchanges.

One analytics platform is now keeping in mind that the cryptocurrency’s underlying technical strength has actually decreased in the time considering that the airdrop picture happened.

XRP Has A Hard Time to Gain Momentum as Rate Remains Listed Below $0.50

At the time of composing, XRP is trading down simply over 3% at its existing rate of $0.48 This marks a noteworthy decrease from its current highs of $0.90 set at the peak of the current rally.

There aren’t truly any XRP-specific drivers for upside beyond the aggregated market seeing an increase. This might imply that it will as soon as again see a descent into another duration of darkness.

On-Chain Data Points to Underlying Weak Point

One analytics company explained in a current tweet that XRP’s active address count has actually been decreasing quickly since the GLOW airdrop picture happened.

This appears to suggest that the even was taken as a hint to “offer the news.”

” XRP had its picture for the GLOW airdrop 3 and a half days earlier. Simply as the picture took place at 12 am UTC on December 12 th, the distinct quantity of addresses communicating on the XRP network decreased quickly, and is back to month-low levels in the meantime.”

Bitcoin

 Image Thanks To Santiment.

Unless Bitcoin and Ethereum’s strength develops tailwinds strong enough to improve XRP, there’s a likelihood the crypto will quickly plunge lower.

 Included image from Unsplash.
Charts from TradingView.

Cole Petersen Read More.