Summary
TLDR: Ripple (XRP) has seen a significant decline in development activity and daily active addresses, raising concerns about future price movements. Technical analysis suggests a bearish trend, with a potential price correction to $0.51. The emergence of a “Death Cross” on the price chart indicates a shift towards a pessimistic market sentiment. If XRP can overcome these challenges, it may attempt to breach resistance at $0.64 and climb to $0.75.
Key Points
1. Significant decline in XRP development activity with a tenfold decrease over ten days raises concerns about ongoing interest and innovation within the XRP ecosystem.
2. Daily active addresses associated with XRP have fallen by 20% in the past week, potentially exerting downward pressure on the XRP price.
3. Technical analysis based on Exponential Moving Averages (EMA) charts suggests the formation of a bearish signal, indicating a potential price correction for XRP.