2024

April

when

XRP price lost a crucial support on Thursday as a sea of red engulfed the crypto market. 
The <a href="https://crypto.news/price/xrp/" target="_blank" rel="noreferrer noopener">XRP</a> token dropped to $0.4400, its lowest level since April and 41% below its highest level this month. 
Ripple, one of the biggest cryptocurrencies in the industry is facing substantial challenges, which partly explains why its token has dropped recently.&nbsp; 
On-chain data paints a picture of a network that is no longer growing. According to <a href="https://xrpscan.com/metrics" target="_blank" rel="">XRP Scan</a>, the number of unique addresses that were active as senders have dropped from 50,000 in January to 5,850 today.&nbsp; 
Additional data reveals that the number of transactions dropped from a high of 6.8 million in January to just over 1 million.&nbsp; 
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XRP Transaction count 
Also, the number of payments from one account to another have fallen from almost 6 million in December to 1.1 million.&nbsp; 
The weakness comes at a time when investors are concerned with the market positioning of Ripple’s network in the financial services industry. Ripple Labs’ original idea was to help companies like banks do cross-border transactions faster. 
Today, these institutions have better alternatives, such as stablecoins. For example, ANZ Bank, a leading Australian company, <a href="https://chain.link/resources/cross-chain-tokenized-asset-settlement" target="_blank" rel="">demonstrated</a> how customers could use <a href="https://crypto.news/price/chainlink/" target="_blank" rel="noreferrer noopener">Chainlink’s</a> CCIP to transfer its issued stablecoins to move money. 
Meanwhile, XRP whales are dumping the token. Data by Whale Alert showed that a whale moved tokens worth $15 million to Bitso on Wednesday. On the sane day, another whale moved tokens worth $14.8 million to Bitstap. Altogether, whales have sold XRP tokens worth $60 million this week. 
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 🚨 32,010,000 <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#XRP</a> (14,823,091 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Bitstamp?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Bitstamp</a><a href="https://t.co/FUtVx1eZdO" target="_blank" rel="">https://t.co/FUtVx1eZdO</a>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1808590407200076279?ref_src=twsrc%5Etfw" target="_blank" rel="">July 3, 2024</a>
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<h2 class="wp-block-heading" id="xrp-price-crosses-key-support">XRP price crosses key support</h2> 
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Ripple is also at risk technically. It formed a double-top pattern at $0.7485, its highest point in November last year and March 2024. In technical analysis, a double-top pattern is a good signal of more downside.&nbsp; 
XRP has now moved below this pattern’s neckline at $0.4872. It also formed a death cross on April 20th as the 200-day and 50-day moving averages crossed each other.&nbsp; 
On Thursday, it then lost its final support when it dropped below $0.4557, where it struggle to move below since May. That could be a signal that bears have prevailed, which could push the XRP price much lower.

XRP price loses final support amid whale transactions

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