- After Ripple’s move, many token holders sent XRPs into cold wallets.
- The altcoin could rebound soon, if volumes and prices decline.
The 1st of June is a national holiday. Ripple The usual act of locking the tokens was performed. According to Whale Alert, this time the Blockchain payments company completed the transaction in two separate 500,000,000 XRP transactions.
Ripple, for those who are unfamiliar with market dynamics, has locked this amount in place since 2017. The main idea behind the action is to cover the token supply in 55 months. In other words, 55% of XRP’s total supply will be involved in the scheme. XRP usually reacts to these developments in a negligible way.
Hence, the question – Was it the case this time too?
The times have changed
Well, not quite. AMBCrypto noticed This time there is a noticeable increase in the number of active addresses.
At the time of writing, XRP’s 24-hour active addresses had risen to 32,000 – Almost double the numbers seen on 1 June. The increase in active addresses shows that more people have been involved in successful transactions using XRP over the last 12-to-24-hours.
But there will be times when you need to use it. network activity Price increases and then stagnates or falls. The price of XRP fell marginally on the charts to $0.51. But will this correction last? The MCA says no.
MCA represents the average age for all tokens in the blockchain. If the MCA increases, this means old coins have been moving. This could cause a drop in price and selling pressure.
A notable drop in XRP MCA indicates that tokens are retiring into cold wallets. At the time of publication, XRP’s Mean Coin Age for 90 days had dropped from 40.29 down to 33.74.
Consider the “laws” As mentioned, the pressure to sell XRP could soon cease. The price may then drop. bounce On the charts, a rise to $0.55 is possible.
XRP to fall to $0.50, following which…
The volume of the altcoin is also something traders should be aware of. At the time of publication, it was at $587.39million. The volume could be a factor in the price of crypto.
If XRP is declining, it means that the downtrend of XRP has been weakening. XRP’s value may still be able to increase. fall to $0.50A bounce is possible as both falling price and volume can be read together as a bullish signal.
The $0.55 prediction could come true if the XRP price does recover. The price of the crypto could rise up to $0.60 in a bullish scenario.
Click Here to Read Ripple’s [XRP] Price Prediction 2024-2025
Despite the optimistic outlook, however, XRP holders should be wary of changes in the market— especially Bitcoin’s [BTC] influence.
XRP’s value could rise if Bitcoin appreciates in the charts. A fall in BTC could, however, invalidate the above thesis.
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Source: ambcrypto.com