The last few years saw Ripple partnering with various financial and banking institutions globally to offer cryptocurrency-powered monetary services. Ripple wanted to ensure lucrative payment systems. Meanwhile, Brazil’s XRP-powered payments represent its recent move. Though Ripple pushes for increased global adoption, the XRP price failed to match the developments.
Ripple stated that its collaboration made Travelex the initial Latin American bank to use RippleNet’s ODL (On-Demand Liquidity) protocol. Furthermore, Ripple’s CEO recently confirmed plans to focus on considering CBDCs as fiat’s future.
XRP price declined amid these developments, slumping from $0.3683 to the lows of $0.3196 within a few days. While writing these lines, XRP traded slightly beyond $0.3225 as the market saw a relief gain after the latest downward spree.
Its market cap stands at $15,975,369,540. Messari data showed XRP game -72% and -24% 1yr and 3-month returns, respectively. Precisely, nothing seems promising. While the SEC lawsuit contributed to such price actions, on-chain data revealed more.
What Metrics Say
A slump in Ripple’s active address and trading volume followed XRP’s price dip. Therefore, confirming investor exit from the platform. Besides the mentioned metrics, the asset’s development activity resorted to similar paths. Remember, development activity increase means a positive thing for the blockchain. XRP’s status reveals challenging days ahead.
Market players can expect more struggles in the upcoming months. The declining active address and volume saw the community interest in XRP deteriorating. That was evident as the asset’s social dominance noted a southward pace since the price slump.
What to Anticipate
XRP’s four-hour chart reveals similar bearish tendencies for the token, painting many red candlesticks. The Exponential Moving Average ribbon placed the 20d EMA well beneath the 55d EMA. That indicated a substantial bear superiority that could push XRP’s price further down in the coming days.
The Chaikin Money Flow and the Moving Average Convergence Divergence supplemented the highlighted findings. The indicators suggested possible price declines for the remittance token. Indeed, metrics plus market indicators show long-term plans could work for XRP.
Bears dominated the crypto market during this publication, with Bitcoin hovering beneath the $20K mark. While writing these lines, the bellwether crypto changed hands at $19,815, losing 1.87% within the past day.