XRP's price has been consolidating in a narrow range of $2.05-$2.33 over the past month, with the $3.00 mark proving unattainable. Key factors contributing to this stagnation include declining network activity on the XRP Ledger, a significant drop in daily active and new addresses, and a 30% decrease in open interest (OI) over the last month. On June 19, only 3,500 new addresses were created, a stark contrast to January's peak of 15,823. Additionally, daily active addresses fell to 34,360, down from a recent high of 577,000, indicating decreased demand and confidence in XRP's future. The decline in OI from $5.53 billion to $3.89 billion suggests investors are closing positions, anticipating a price drop. XRP is also facing resistance between $2.22 and $2.40, where major moving averages reside. Analysts warn that if bulls cannot push prices above these averages, a drop to lower levels, possibly as low as $1.20, is likely. As of June 19, the relative strength index (RSI) also dropped to 51, reflecting increasing bearish momentum. Despite these challenges, some analysts speculate a consolidation beneath $3 over an extended period may precede a significant breakout, reminiscent of 2017's price actions.

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