XRP experiences a sharp 40% drop, but on-chain metrics indicate stability. Despite breaking below key moving averages, payment volume, active accounts, and burned fees remain relatively consistent. This suggests that large holders, or whales, are not panic selling. The $2.00 support level is crucial, and a breach could lead to further declines. However, a rebound from the 100 EMA could trigger a short-term rally.
Despite a sharp 40% drop in price, XRP 's on-chain data suggests that large holders remain unfazed. While the asset broke below important moving averages like the 50 EMA at $2.61 and the 100 EMA at $2.15, indicators such as payment volume, active accounts, and burned fees show relative stability, hinting that whales are not in a rush to sell.The $2.00 level is currently acting as a crucial psychological support. If this level is breached, XRP could potentially fall to the 200 EMA at $1.60.
A decline below this level could further jeopardize XRP's price, potentially dragging it down to $1.20, a historically significant zone that previously served as resistance.To regain bullish momentum, XRP needs to reclaim the $2.61 mark. Although the overall trend remains bearish until XRP surpasses $3.00, a successful rebound from the 100 EMA at $2.15 could trigger a short-term relief rally. Despite the recent price collapse, on-chain metrics paint a picture of consistent network usage, suggesting that substantial transactions are still occurring. Furthermore, the number of active accounts has not experienced a significant decline, indicating that XRP holders are not abandoning the asset en masse. Typically, major price drops are accompanied by a decrease in active addresses, a trend not observed in this case. The metric of burned fees, which would likely spike if panic selling were widespread, remains stable.While the current situation suggests a potential for prolonged decline, if buying pressure intensifies and XRP manages to regain $2.61, it could potentially defy this downward trend.
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