After a local peak of $ 2.62, XRP seems to take back. The race has been moving sideways for some time around the price level of $ 2.30. In itself, such a consolidation phase is not unusual after a sharp rise.
However, what is striking is that the activity on the XRP network shows a significant relapse at the same time. Where thousands of new accounts were opened per day, there is now little left of it. This causes unrest among investors. What’s going on? And more importantly: what does this mean for the course?
XRP network activity bases
In just six months, the number of newly opened accounts on the XRP network has fallen dramatically. Data from analysis platform XRPSCAN shows that the number of daily new accounts has dropped from more than 30,000 at the beginning of December to less than 2,000 at the end of May – a decrease of no less than 94.05%.
This sharp relapse in network activity may indicate that the consolidation phase will continue for the time being. Many investors hold their position: there is hardly any bought, but not on a large scale. Such quiet periods often follow a rapid price increase. Without a new influx of buyers, the market runs the risk of ending up in a long -term stagnation – or even falling back slowly.
XRP news is silent
The wait -and -see attitude in the market is reinforced by the lack of news about XRP. The long -awaited launch of a spot XRP ETF is still waiting. The American stock market watchdog SEC has again decided to postpone the decision on this.
The lawsuit between Ripple and the SEC also drags on. A possible settlement was rejected because it did not meet the conditions, as a result of which Judge Analisa Torres ignored the proposal. The result: again delay in a case that has been taking for years.
Source: https://newsbit.nl/ripple-en-xrp-onder-druk-netwerkactiviteit-crasht-met-94/
