- XRP price delays recovery despite firmly holding onto support at $0.32.
- Santiment’s Age Consumed on-chain metric foreshadows potentially high volatility as XRP finds a way out of this week’s murky waters.
- Odds seem to favor bears, but bulls may carry the day if the Stochastic oscillator breaks above a key descending trend line.
XRP price recovery remains elusive despite firmly holding onto support at $0.32. A break above $0.34 appears to be a tall order for the bulls, hence the mundane price action at $0.33. The next few days will be important to the cross-border money remittance token, as observed from Santiment’s Age Consumed on-chain metric.
Previously dormant XRP tokens on the move
The Age Consumed metric by Santiment shows a massive move in previously idle XRP tokens. In addition to tracking token movement, this metric elucidates the number of XRPs changing addresses each day multiplied by the number of days since their last movement. Huge spikes in the metric such as the 890 billion tokens on August 29 point to an incoming volatility period.
XRP price is expected to move significantly in the coming days. Traders must carefully examine technical and other fundamental factors to determine the direction XRP price will take.
XRP Age Consumed metric
The daily chart paints a grim picture with the help of the Stochastic oscillator, which is stuck in the oversold region (below 20.00). This means bulls must go the extra mile to reverse the downward trend.
XRP/USD daily chart
A sell signal from the Super Trend indicator affirms the possibility of XRP price carrying on with the downtrend. If this technical index holds above the seventh largest cryptocurrency, recovery to $0.40 is unlikely in the coming days – maybe weeks.
Key takeaways for XRP price
According to the Age Consumed metric, heightened volatility will likely engulf XRP price in the first week of September. The international money transfer token must break above $0.34 to affirm its next climb to $0.40. On the downside, it is feared that declines below $0.32 will wipe out all the accrued gains since mid-June.
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