XRP has reached $1.47 in recent trading, marking a notable rise above its 50-day Exponential Moving Average (EMA) of $1.42. This puts XRP close to the 100-day EMA, which stands at $1.49. Technical analysis indicates that immediate resistance levels are seen between $1.49 and $1.50, with a further resistance point at the 200-day EMA of $1.70. On the downside, support levels are identified in the $1.40 to $1.42 range.
However, the recent performance of XRP has been accompanied by significant stress on its network. Reports indicate a surge in ledger errors, with ‘tecNO_PERMISSION’ errors recorded at 1,332—the highest figure since March 31, while ‘tecINSUFFICIENT_FUNDS’ errors also climbed to 656, the highest since mid-April. In terms of user activity, the on-ledger user count peaked at 184,000 earlier in May, suggesting both interest and engagement within the XRP community.
In a more concerning trend, over 4,500 wallets holding more than 10,000 XRP vanished during a significant crypto sell-off between February 6 and 8 of this year. Despite this setback, wallet counts have shown a recovery since mid-February, gradually increasing as market conditions improved into May.
As the cryptocurrency landscape continues to evolve, market participants are closely watching these developments, particularly in relation to XRP’s technical standing and network functionality. The combination of fluctuating wallet counts and rising ledger errors adds a layer of complexity to the ongoing discussions surrounding XRP’s performance and future potential in the market.
