- XRP trades below key moving averages; a break above $2.21 could lead to a bullish push toward $2.30.
- Bollinger Band squeeze suggests a potential breakout, with $2.08 support and $2.31 resistance defining the current range.
- Daily active addresses dropped sharply, but long-term holders continue to grow, now at 6.57M, showing sustained investor interest.
On June 18, XRP was trading at $2.15, a 3.50% decline over the last 24 hours. Over the past week, XRP fell by 6%, with a broader monthly drop of 6.40%. Market data shows a shrinking market cap, down by 3.33% to $127.34 billion, while 24-hour trading volume decreased by 36.56%, totaling $3.3 billion.
The asset’s fully diluted valuation is at $216.28 billion. Circulating supply is at 58.88 billion XRP, nearly 59% of the maximum 100 billion XRP limit. This decline coincides with weakening buying interest and low market activity, placing pressure on the current price range.
Narrow Bollinger Bands Hint at Potential Breakout
XRP is consolidating within tight Bollinger Bands set to a 20-day SMA and two standard deviations. The upper band is at $2.3132, the middle SMA at $2.1969, and the lower band at $2.0807. The price is trading just below the SMA, indicating mild downside pressure.
The narrow range suggests suppressed volatility, often preceding a breakout. Support is at $2.08, while resistance is at $2.31. The MVRV Z-Score is at approximately 28.2851, within the red zone.
This metric historically signals overvaluation, suggesting potential for downward correction. The market appears cautious amid limited volume. The market awaits confirmation before positioning, especially as XRP continues to hold above key support.
Moving Averages and Address Activity Confirm Resistance
XRP is trading below its 50-day and 200-day moving averages, at $2.21 and $2.26 respectively. A death cross formed in late March when the 50-day MA fell below the 200-day MA. This crossover has supported the continuing downtrend.
Price currently is at $2.168, confirming resistance at both moving average levels. Daily Active Addresses dropped sharply from peaks over 300,000 in May and early June to around 17,900.
This suggests lower user activity, reducing network activity. However, total XRP holders have continued rising, now reaching around 6.57 million. This consistent increase in holders indicates the ongoing long-term interest despite present challenges.
Scenarios Point to $2.30 or Drop to $2.00
If XRP moves above the 50-day MA at $2.21 and volume surpasses 30 million, resistance at $2.26 may be retested. A subsequent breakout could push prices to the $2.30 range. However, failure to cross above the 50-day MA, with stagnant activity, may lead to a drop to $2.10 or even $2.00.
XRP’s current setup shows limited momentum and declining participation, but long-term holder growth may provide a stable foundation amid short-term volatility.
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