XRP struggles to maintain $0.52: what will be the future of the altcoin?

• XRP support is under strain due to poor price action.
• Over 1 billion XRP holders are now profitless.

XRP has encountered difficulties in recent days, but has managed to stay above a crucial threshold. How is the total offering performing in terms of profit and what factors could help maintain the current price range?

XRP relies heavily on support

At the end of last week, XRP the price managed to break above its short moving average (yellow line) with an increase of more than 1%, bringing its value to around $0.54. This move indicated positive momentum.

However, a 2.46% drop earlier this week erased these gains, bringing the price to around $0.52.

At the time of writing, its price was trading at around $0.52, with the yellow line now acting as immediate support.

Source: TradingView

The long moving average (blue line) remained a resistance level at around $0.58. Furthermore, the Relative Strength Index (RSI) indicated that XRP was experiencing a weak uptrend.

The RSI is currently at the neutral line and could drop below it in the event of a significant price drop.

Demand for XRP remains stable

AMBCrypto analysis of the total number of XRP holders revealed that demand has been relatively stable in recent days, with approximately 5.2 million holders as of this writing.

This number has remained unchanged for the past three days, indicating that there is no rush to accumulate the asset despite the price action.

Source: Santimento

The trading volume has not shown any significant activity recently, with the volume standing at around $793 million.

Given this low level of activity, the current support may struggle to hold, potentially leading to a price decline soon.

The supply in profit decreases

AMBCrypto’s look at the total supply of XRP revealed that the volume of such profit offering has decreased due to the recent drop in prices.

According to a study by the graph on Most Holyapproximately 1 billion XRP went from a profitable position to a loss between May 25 and the time of this writing.

Source: Santimento

Realistic or not, that’s it The market capitalization of XRP in terms of BTC

On May 25, the earnings volume amounted to over 80 billion XRP, but had dropped to around 79 billion at the time of writing.

This shift has resulted in the percentage of profitable bids decreasing from over 80% to around 79% at the time of this writing.

Source