- XRP price peaked at $2.65 on Wednesday, halting the uptrend amid a broader market slowdown.
- Long liquidations hit $8.44 million in the last 24 hours as the bullish trend targeting $3.00 weakens.
- Decreasing network growth signals reduced demand and engagement, as fewer new addresses are created on the XRP Ledger.
Ripple (XRP) price slightly declines on Thursday to $2.51 after peaking at $2.65 on Wednesday. The two-week rally from support around $2.12 mirrored the bullish sentiment in the broader cryptocurrency market, supported by solid fundamentals in the wider crypto market. However, a drop in XRP’s network growth points to a decline in user engagement, potentially inhibiting the bullish trend eyeing the psychological resistance of $3.00 in the medium term.
Progressive talks between the United States (US) and China resulted in a 90-day trade truce, accelerating recovery in global markets. Previously, the US and the United Kingdom (UK) signed a bilateral trade agreement facilitating trade between the two nations.
XRP rally slows as network activity declines
The XRP Ledger shows mixed signals with Sentiment’s Network Activity metric steadily falling from nearly 16,000 addresses in January to approximately 3,400 addresses on May 7.
Decreasing network growth for XRP indicates fewer new addresses and reduced user engagement, signaling weaker demand. The 78.7% figure could undermine the rally, as observed with XRP price (green line) in the chart below. From its peak of $3.40 in January, XRP fell to $1.61 before reversing the trend in the second week of April.
Métrica de Actividad de la Red | Fuente: Santiment
Meanwhile, XRP price hovers at $2.53 as liquidations in the derivatives market surge. CoinGlass highlights $10.14 million in liquidations over the past 24 hours. Long positions accounted for the bulk of liquidations with $8.44 million compared to $1.69 million in shorts.
Datos del mercado de derivados de XRP | Fuente: CoinGlass
The surge in long position liquidations, as well as the drop in open interest (OI) and trading volume, suggests cooling speculative activity. A lower trading volume of $8.69 million from approximately $19.5 million on Monday implies reduced liquidity, which could increase volatility, especially if traders adjust positions, increasing selling pressure. The slight decrease in OI by 1% to $5.41 billion indicates the liquidation of leveraged positions, potentially from profit-taking or liquidations.
Looking ahead: Can XRP rekindle the rally targeting $3?
XRP price sits significantly above key moving averages, including the 50-day, 100-day, and 200-day EMAs, signifying a relatively strong tailwind despite the slight pullback from the $2.65 peak on Wednesday.
The Moving Average Convergence Divergence (MACD) indicator maintains a buy signal above the center line, driven by green histograms. This highlights sustained bullish momentum for XRP and shows that interest in XRP remains elevated, with the uptrend likely to resume toward $3.00.
Gráfico diario de XRP/USD
Traders should consider the possibility of the down leg extending in the coming sessions, especially with the Relative Strength Index (RSI) indicator at 63.34 and sliding toward the mean line of 50, highlighting weakness in the uptrend.
If declines persist, accentuated by potential profit-taking, tentative support levels would be activated, ranging from the 50-day EMA at $2.27, the 100-day EMA at $2.25, and the 200-day EMA at $2.00.
Métricas de criptomonedas FAQs
El desarrollador o creador de cada criptomoneda decide el número total de tokens que pueden acuñarse o emitirse. Sólo puede acuñarse un número determinado de estos activos mediante minería, estaca u otros mecanismos. Esto viene definido por el algoritmo de la tecnología blockchain subyacente. Desde su creación, se han acuñado un total de 19.445.656 BTC, que es la oferta circulante de Bitcoin. Por otro lado, la oferta circulante también puede disminuir mediante acciones como la quema de tokens o el envío por error de activos a direcciones de otras blockchains incompatibles.
La capitalización de mercado es el resultado de multiplicar la oferta circulante de un determinado activo por su valor de mercado actual. En el caso de Bitcoin, la capitalización de mercado a principios de agosto de 2023 supera los 570.000 millones de dólares, que es el resultado de los más de 19 millones de BTC en circulación multiplicados por el precio de Bitcoin, que ronda los 29.600$.
El volumen comercial se refiere al número total de tokens de un activo específico que se han negociado o intercambiado entre compradores y vendedores dentro de un horario de negociación establecido, por ejemplo, 24 horas. Se utiliza para medir el sentimiento del mercado, esta métrica combina todos los volúmenes de los intercambios centralizados y descentralizados. El aumento del volumen de operaciones a menudo denota la demanda de un determinado activo, ya que más personas están comprando y vendiendo la criptomoneda.
La tasa de financiación es un concepto concebido para animar a los operadores a tomar posiciones y garantizar que los precios de los contratos perpetuos coincidan con los de los mercados al contado. Define un mecanismo de los intercambios para garantizar que los precios futuros y los pagos periódicos de los precios converjan regularmente. Cuando la tasa de financiación es positiva, el precio del contrato perpetuo es superior al precio de mercado. Esto significa que los operadores que son alcistas y han abierto posiciones largas pagan a los operadores que están en posiciones cortas. Por el contrario, una tasa de financiación negativa significa que los precios de los contratos perpetuos son inferiores al precio de referencia, por lo que los operadores con posiciones cortas pagan a los operadores que han abierto posiciones largas.
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