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Why does XRP's on-chain activity reach new highs, yet the price still struggles in a downward channel?
【CryptoWorld】The recent performance of XRP Ledger is quite interesting—on-chain active users are approaching the recent high of 191,000, currently stable around 170,000 and gradually climbing. This should indicate a warming of network activity, but the price isn't reflecting that.
From the K-line chart, XRP has been trapped in a downward channel, with major moving averages acting as a ceiling it can't break through. Short-term support is firmly at the $1.85-$1.90 range, and to rebound, it needs to first reclaim the resistance zone of $2.10-$2.20.
Interestingly, there is a divergence between the fundamentals and the price trend. Exchange reserves are continuously decreasing, and open interest is shrinking, indicating that investors in the market remain cautious, with no one rushing to buy the dip. To truly reverse the situation, the key is whether these important price levels can be effectively reclaimed with sufficient trading volume, laying the foundation for a medium-term rebound.