Since its victory over the U.S. Securities and Exchange Commission (SEC) on July 13th, the price of XRP has dropped significantly by 47%. Currently, the trading price of XRP is $0.507, and on-chain indicators indicate a growing bearish sentiment, forming a bear market.
The 30-day average of active addresses in the past 24 hours is currently at 15,500, a decrease of 89% from the peak of 144,700 on August 13th. This sharp decline suggests waning interest among XRP investors, which in turn implies capital outflow.
XRP 24-hour Active Addresses, Source: Santiment.
Furthermore, network growth has also shown a steady declining trend, with lower highs. As mentioned above, this index further reinforces the decrease in investor interest.
XRP Network Growth Trend, Source: Santiment.
The realized profit/loss indicator puts the final nail in the coffin, as it shows negative values after August 1st, indicating that investors are selling their holdings and realizing losses.
XRP Network Profit/Loss, Source: Santiment.
With multiple bearish on-chain indicators, investors are increasingly anticipating a downward movement in the price of Ripple (XRP). Currently, after flipping the resistance level at $0.541 into a support level, the token's trading price is $0.507. If buyers fail to push for an upward momentum, it could trigger a 19% decline towards the next key support level at $0.407.
XRP/USDT 1-day Chart, Source: TradingView.
If the price of XRP manages to flip the resistance level at $0.541 into a support level, the bearish argument would be invalidated. In such a scenario, XRP price may attempt a 23% increase, targeting the next key level at $0.665.
