XRP under selling pressure despite rising on-chain activity
XRP trades below $1.023 amid bearish sentiment, yet network activity and active addresses have climbed to multi-month highs, creating a mixed technical picture.
XRP has faced sustained selling pressure in recent weeks, with price action struggling around the $1 level and futures markets showing continued aggressive selling. Sentiment around the token has deteriorated to a three-month high in negative commentary, reflecting trader caution.
Yet on-chain metrics present a contrasting signal. Active addresses on the network surged to nearly 50,000 in 24 hours, marking a multi-month peak. This elevated activity persists despite the deteriorating sentiment, creating an ambiguous setup where network engagement remains robust even as market participants grow more pessimistic.
XRP continues to test support around the psychological $1 mark after slipping from $1.023. A sustained break above that level could signal an improvement in market structure, while repeated rejection would confirm that sellers remain in control. Open Interest in XRP futures stands at approximately $996 million, with a positive funding rate of around 0.0030, indicating long positions are currently paying short positions. Whether this configuration presages a reversal or merely a temporary blip in a deeper downtrend remains uncertain.
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