The price of XRP is back in the spotlight after market analyst CJ assessed that this crypto asset has the potential to enter a stronger recovery phase if it succeeds in reclaiming an important trading area that was previously lost.
At the same time, data on-chain The latest shows changes in exchange user behavior, with XRP withdrawal activity starting to dominate on a number of large platforms although the impact on prices has not yet been seen as significant.
At the time this article was written, XRP traded at around US$1.11 or around Rp. 20,094, up around 0.81 percent in the last 24 hours. Meanwhile, daily trading volume was recorded at around US$1.19 billion, although it fell 10.5 percent compared to the previous day.
XRP Price Has a Chance to Rally, Provided Levels It Survives
In his technical analysis, CJ evaluate XRP sedang berada di titik krusial setelah berhasil keluar dari garis tren turun yang membatasi pergerakan harga selama beberapa pekan terakhir. According to him, these conditions open up opportunities for XRP to do so range reclaimnamely returning to the previous consolidation area.
The main focus is now on levels US$1.11, which previously served as the floor of the area range. CJ assessed levels must be able to be maintained as support new so that the recovery scenario remains valid. Successfully defending this area will indicate that selling pressure is starting to subside and buyers are back in control of the market.
If the scenario is confirmed, the price XRP has the opportunity to move towards the middle area range around US$1.40. After that, the next technical target is in the range of US$1.66 to US$1.67, which is the main resistance and the upper limit of the previous consolidation area.
Conversely, if XRP loses again levels US$1.11, odds range reclaim considered weakened. In that condition, the price has the potential to test again support around US$1.05 to US$1.04, which is the next area of resistance for buyers.
ADVERTISEMENT
Data On-Chain Reveal New Signal for XRP
On the other hand, analysts Amr Taha on CryptoQuant revealed that XRP transaction activity on various exchanges is starting to shift towards the dominance of asset withdrawals (withdrawal). This change was seen simultaneously on Coinbase, Binance and Bybit, although it was not followed by a spike in XRP prices.
According to his analysis, Coinbase recorded its most negative seven-day reading in about five months. The net number of deposit and withdrawal transactions reached around -13,000 transactions on July 15, surpassing the level of around -12,300 transactions recorded in mid-February.
This figure shows that the difference between withdrawal and deposit transactions is the largest since that period.
Binance also showed a similar pattern with a reading of around -5,600 transactions, close levels who was last seen in February. Meanwhile, the sharpest changes occurred at Bybit.
In a period of around 38 days, the seven-day indicator changed from around +27,000 transactions to close to -220 transactions, indicating that the previous dominance of deposit transactions has now almost completely disappeared.
Taha explained that this condition indicated a shift in user activity on several large exchanges towards withdrawal transactions XRP.
“XRP transaction activity on exchanges has shifted towards the dominance of withdrawals on several major platforms,” said Amr Taha.
However, he emphasized that the metric only measures the number of deposit and withdrawal transactions, not the amount of XRP or dollar value moved. Thus, the indicator reflects changes in the behavior of exchange users rather than confirming the amount of funds leaving platforms.
According to Taha, although Coinbase, Binance and Bybit both recorded a dominance of withdrawal transactions, prices XRP still hovering around US$1.10. This shows that changes in exchange user behavior have not directly translated into strengthening prices in the market.
A combination of technical signals that indicate opportunities range reclaim and the increasing dominance of withdrawal activity from a number of exchanges are now two factors that market players continue to monitor. XRP price success maintains levels US$1.11 is expected to determine the direction of the next movement in the short term.
That’s the summary crypto news today which you can watch to keep up with world developments digital assets And blockchain technology. Stay tuned Blockchain Media Indonesia for the latest updates about the crypto market, bitcoin news, and crypto learning guides for those of you who are still beginners. [st]
Disclaimer: Content in Blockchainmedia.id is informational only, not investment or legal advice. All financial decisions are the sole responsibility of the reader.
