Is XRP the New Cinderella? From SEC Drama to Market Meltdown! 🥴

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So, on March 19, the US SEC finally decided to stop playing legal tag with Ripple after four long years. Cue the confetti! 🎉 XRP network activity went through the roof, and the number of active addresses trading the token hit a year-to-date high. Investors were practically throwing money at it like it was a sale at Harrods!

But, hold your horses! 🐴 This party was short-lived, as on-chain data shows a steady decline in active wallet counts since then. Talk about a buzzkill!

XRP Demand Fades as Post-Lawsuit Hype Dies

On that fateful March 19, Ripple announced the SEC had finally dropped its four-year-old lawsuit. Demand for the altcoin spiked like a teenager’s heart rate at a boy band concert. 📈 According to Glassnode, active addresses soared to a staggering 626,854. But, as the post-lawsuit hype fizzled out like a cheap firework, XRP demand took a nosedive. By March 23, the active address count plummeted to a 30-day low of 54,704. Ouch! 😬

A decline in active addresses? That’s like finding out your favorite café has run out of avocado toast. It suggests reduced transaction activity and waning interest. This is a bearish signal, which is just a fancy way of saying, “Run for the hills!” 🏃‍♀️💨

And on the price chart, XRP is still below its Super Trend Indicator, which is like being stuck in the friend zone. As of now, this momentum indicator is playing hard to get, forming dynamic resistance above the altcoin’s price at $2.84. 😩

The Super Trend indicator is like your overly dramatic friend who changes moods at the drop of a hat. It measures the direction and strength of an asset’s price trend, changing color to signify the trend: green for up (yay!) and red for down (boo!).

When the price is below this indicator, it’s a bearish trend. Traders interpret this as a sell signal or a warning to exit long positions and take short ones. Basically, it’s time to panic! 😱

XRP Bulls Eye Recovery—Breaking $2.61 Could Trigger a Run Toward $2.84

As of now, XRP is trading at $2.46, clinging to the long-term support formed at $2.13 like a lifebuoy in a stormy sea. If bearish pressure increases, the token might just test this support. 😬

If it fails to hold, XRP’s price could plunge to $2, where another strong support lies. It’s like watching a soap opera—will it survive? 📉

On the flip side, if buying activity gains momentum, the altcoin could attempt to break above the resistance at $2.61. If it succeeds, XRP could climb toward its Super Trend indicator at $2.84. Fingers crossed! 🤞

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2025-03-24 18:14