XRP on-chain activity surges with 500 million Tokens moved in 24 hours. On May 30th alone, 500 million XRP moved, significantly increasing on-chain activity, but price movement remained somewhat sluggish.
On the XRP/USDT daily chart, after breaking below the 50-day moving average, the 200-day moving average is being tested as a critical support line. Although it broke through the descending triangle pattern in early May, the upward attempt was quickly reversed, closing at $2.14.
The Relative Strength Index (RSI) is approaching oversold levels at 38.55. The decrease in trading volume compared to April is interpreted as reduced retail investor participation.
There is a notable disparity between market sentiment and on-chain activity. The large XRP movement on May 30th is more likely to be internal fund transfers by exchanges or large holders rather than new demand.
From a technical perspective, XRP is in a risky zone. If it breaks below the 200-day moving average, it could drop to $2 or $1.90. To reverse the trend, it needs to quickly recover the 50-day moving average at $2.26.
Considering that the surge in on-chain activity has not led to price increases, XRP appears to still be in a correction phase. If it stabilizes above the 200-day moving average and confirms increased trading volume and RSI divergence, it could potentially rebound above $2.50.
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