was trading within a ten-month range and has been in the lower half of the range since mid-April. The Open Interest remained uninspiring as a consequence. Whales continued toexplored the potential for a bullish trend shift. The drop in supply on exchanges suggested accumulation, but this might not be enough for a recovery.The 3-day interval weighted sentiment has been negative for most of the past month. It was positive in April despite the fall below the mid-range support level at $0.58.
This finding is in line with the earlier reports of whale accumulation and less XRP supply on exchanges ready for selling. It was a positive sign, but the lack of holder conviction among smaller wallets in the past two months might be a concern.The development activity trend has been steady. However, the activity count was extremely low, standing at 2.5 at press time and posting a high of 4.67 in March.
The mean coin age had trended strongly higher in the past six weeks but tumbled in the past few days, hinting at a large movement of previously dormant tokens. Overall, XRP bulls have an uphill battle ahead. Like the previous cycle, the token might be dormant for most of the bull run and wake up in the final two months to register triple digit percentage gains.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. A graduate in Chemical Engineering, he is an expert in technical analysis.
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