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- Token holders decided to send several XRPs to cold wallets moments after Ripple’s action
- Declining volumes and price indicate that the altcoin may rebound in the short term
On June 1, ripple He did his usual job of locking the tokens. This time, the blockchain payments company completed activity in two separate transactions worth 500 million XRP, according to data from Whale Alert.
For those who are not familiar with the market terrain, Ripple has locked this amount since 2017. The idea behind this measure is to provide a cover for the large supply of tokens over 55 months. This means that 55% of the total XRP supply will participate in this scheme. For the most part, XRP’s reaction to this development is minimal.
Hence the question: Was it like this this time too?
Source: X
Times have changed
Well not quite. AMBCrypto I noticed A change in the XRP Ledger this time, with the first observation being a noticeable increase in active addresses.
At the time of writing, active 24-hour XRP addresses have risen to 32,000 – almost double the numbers seen on June 1. The increase in active addresses revealed that more participants were involved in making successful transactions using the token in the past 12 to 24 hours.
However, there are times when Network activity The price rises and stabilizes or falls. This was the case here as well, as the price of XRP fell marginally to $0.51 on the charts. Will this correction continue though? According to the average coin age (MCA), no.
MCA is the average lifetime of all tokens on the blockchain. When the gauge rises, it means that old coins are moving and this could lead to selling pressure and the price depreciation.
However, the notable decline in XRP’s MCA indicates that more tokens will be withdrawn to cold wallets. At press time, XRP’s average lifespan of 90 days has fallen from 40.29 to 33.74.
Source: Santiment
Considering the “laws” mentioned above, it seems that the selling pressure around XRP may stop soon. Later, the price could be bounce, rebound On the charts a rise to $0.55 may also be possible.
XRP will fall to $0.50, and then…
Traders may need to be careful of altcoin volume as well. At press time, the same amount had fallen to $587.39 million. Volume can act as strength for a cryptocurrency’s price.
Therefore, a decline at the same level indicates that the downtrend of XRP has become weak. While the value of XRP remains It drops to $0.50a bounce could be near as lower volume and lower price together can be interpreted as a bullish signal.
If XRP rebounds, the $0.55 prediction may come true. In a very bullish situation, the price of the cryptocurrency may rise to $0.60 as well.
Source: Santiment
is reading ripple [XRP] Price prediction 2024-2025
Despite the optimistic outlook, XRP holders should be wary of changes in the market – esp Bitcoin [BTC] impact.
If Bitcoin price rises on the charts, XRP may be able to rise as well. However, a collapse in Bitcoin’s value may invalidate the hypothesis described above.
