After touching a multi-week high of $1.60, the price of XRP fell amid a market slowdown caused by geopolitical and macroeconomic tensions.
Summary
- XRP fell more than 8% from its weekly high to $1.46 amid a broader crypto market slump driven by geopolitical tensions and hawkish Fed signals.
- Network infrastructure has been strengthened, with XRP wallet addresses reaching a record 7.7 million and daily active users rising to a five-week high.
- Technical indicators point to a possible bullish reversal, with the formation of an Adam and Eve pattern, although a break below $1.44 would render the setup ineffective.
According to data from crypto.news, the price of XRP (XRP) fell by 4.4% in the last 24 hours to $ 1.46 at the time of writing, extending its loss by more than 8% from its weekly high of $ 1.60.
The price of XRP fell amid a bear market meltdown as Bitcoin fell below the $70,000 support, prompting market concerns about a possible drop to $60,000 next. This has come as investors are cautious amid a surge in oil prices following an Israeli drone strike on one of Iran’s largest gas facilities in South Pars.
The altcoin decline also follows bearish macroeconomic signals after Federal Reserve Chairman Jerome Powell’s recent speech cast doubt on interest rate cuts this year, as the central bank aims to maintain a data-driven approach amid stubbornly sticky inflation.
While the market has yet to recover from the shock, with the crypto market cap still struggling at the time of writing, a few solid metrics seem to point to a long-term silver lining for XRP.
Notably, on-chain tracker Santiment recently shared that XRP holders rose to an all-time high of 7.7 million wallets, a sign of growing adoption despite price volatility.
At the same time, daily active addresses on the network rose to a 5-week high of 46,767 active addresses this week.
Together, these metrics imply that the underlying resource and network participation is strong, which may sustain demand once the broader market stabilizes.
As reported by crypto.news earlier, whales have also entered the accumulation phase after months of distribution. Generally, such shifts often precede broader market recoveries as retail investors follow smart cash flows.
On the daily chart, the price of XRP formed an Adam and Eve pattern, a bullish reversal pattern that is very reliable in technical analysis. XRP price touched a pattern necklace at $1.60 earlier this week but has pulled back. A confirmed outbreak may cause a major rally, at least in the short term.
The 20-day SMA appears to be closing a bullish crossover with the 50-day SMA. At the same time, the MACD lines pointed higher, suggesting that bullish momentum is quietly building beneath the surface.
At the moment, traders will be watching $1.50 psychological resistance, a break above that could strengthen the bulls to look for a breach of $1.60, which will also confirm the Adam and Eve pattern. The next potential target would be the 100-day SMA at $1.70.
On a bearish note, a drop below $1.44, the 50-day SMA, may invalidate the bullish forecast.
Disclosure: This article does not represent investment advice. The content and materials presented on this page are for educational purposes only.
