Can Ripple (XRP) Accumulate Adequate Buying Volume for Bullish Rebound?
Ripple (XRP) has dipped back to the mid-June lows following an attempted rally that triggered a nearly 30% upward move. Nevertheless, the short-lived rally welcomed a significant bearish correction, erasing the acquired gains.
While publishing this blog, XRP changed hands near $0.31, following a 15% decline within the past seven days. Bearish movements pushed the remittance token back to the lows seen in mid-June when XRP bottom. That means the current price retested the previous month’s support barriers.
Meanwhile, the asset’s reducing sell momentum indicates the possibility that the support at $0.30 could hold and probably trigger upsides. The alternative token is yet to exhibit oversold conditions despite recent slumps. That means room for XRP bears to propel further declines. Its Relative Strength Index stood at 37.18, whereas the Money Flow Index hovered near 43.17.
Flowing with the Wave
Though selling momentum noted a substantial drop within the past two days, it doesn’t guarantee bullish reversals. The token’s price stayed in the uncertainty zone at this publication, though the on-chain index might offer some clarity.
XRP saw its active addresses surging to 51,248 on July 3 from July 1’s 24,139. That might suggest impending bullish volumes due to support retest and lower prices. Meanwhile, Network growth explored the highest level in a month. And that could be encouraging to potential and existing investors.
The surge in daily active addresses doesn’t affirm whether those wallets offloaded or added Ripple tokens. Nevertheless, the address balance supply distribution could reveal a clear picture. Wallets holding from 100K to 1M XRP surged their balances to 9.94% on July 3 from 9.9% on July 1.
Addresses with 1M to 10M Ripple coins added their holding to 6.69% from 6.68% over the same timeframe. Meanwhile, those with over 10M tokens trimmed their accounts to 71.98% from 72.08%. Surprisingly, the cohort with over 10M XRP is the only whale category selling now. Furthermore, this tier pedals most of the XRP coins.
That explains why the cross-border transaction coin battled to conquer bearishness during this publication. A change of narrative to favor accumulations by the leading cohort would ensure significant bullish momentum.
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