XRP transaction fees drop 89%: Is price headed below $1.75?
XRP transaction fees plummeted 89% to five-year lows, coinciding with reduced open interest and a bearish technical pattern targeting a drop below $2.Summary
XRP transaction fees on the XRP Ledger (XRPL) have drastically decreased by 89%, falling from 5,900 XRP daily to about 650 XRP per day, levels last seen in December 2020. This drop in fees aligns with a significant 59% reduction in XRP's futures open interest and declining funding rates, suggesting decreased confidence among derivatives traders. Technically, the XRP/USD pair is forming a descending triangle pattern, which points to a potential downside risk, targeting a price of $1.73 if support at $2 breaks. While some analysts suggest such drops can precede rallies, the current technical structure and negative social sentiment indicate immediate risk of further losses, with the crucial support zone being between $2 and $1.98.
(Source：Cointelegraph)