XRP saw a stable network growth and a rise in mean coin age, and the short-term holders in profit were not a threat to further gains.
AMBCrypto found that the data from the liquidation heatmap had a bearish tinge and could lead to a 2%-4% drop soon.was trading above the mid-range resistance zone and presented a good chance of a rally toward $0.7, the range high. The short-term sentiment was
Yet, the demand from spot markets was weak. The local resistance around $0.63 has been formidable since mid-July. AMBCrypto’s analysis showed that accumulation was underway- but is this enough to drive a rally to the range highs?The development activity was low as an absolute value and its trend has decreased recently as well. This was not encouraging for long-term investors.
The daily active addresses saw a wild peak in mid-July after the ruling in the SEC case but have quietened down since then. The network growth was stable and has grown slightly since June.After the sharp price drop in early August, the mean coin age began to trend higher. This showed the token was being accumulated. At the same time, the dormant circulation was also low, implying fewer token movements that could precede high selling pressure.
The short-term MVRV was positive showing holders were at a minor profit, but it was nowhere close to the mid-July highs. The XRP gains were heavily impeded by profit-taking activity and a market-wide sentiment shift back then.AMBCrypto found that the data from the liquidation heatmap had a bearish tinge. Liquidation levels were densely clustered around the $0.58-$0.59 zone.
This marked it as a target, but it was also likely that a sweep of these levels could see XRP rebound bullishly. Such a move could extend toward $0.7 the range highs.Chief Legal Officer for Ripple, noted that in the Kraken case, it was confirmed that there was no such thing as crypto asset securities.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017.
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