In recent trading sessions, XRP has come under significant selling pressure, shedding nearly 6% of its value over the last 24 hours. The cryptocurrency is currently hovering just above the $2 mark as bearish sentiment continues to build. This decline has been exacerbated by concerns over a substantial token unlock from Ripple's escrow account, which saw $1.02 billion worth of XRP released. Market participants are apprehensive about the potential impact of these newly accessible tokens, as they could enter circulation and add to the existing supply.

According to onchain data, Ripple recently unlocked 500 million XRP from its escrow account, representing approximately $1.02 billion at current prices. These tokens were transferred from the \"Ripple (27)\" escrow address to two operational wallets labeled \"Ripple (12)\" and \"Ripple (13).\" This movement has raised concerns among traders and investors, as it indicates that these tokens may soon be available for distribution or sale. Although the escrow account still retains another 500 million XRP, the influx of such a large quantity of tokens into more liquid wallets typically stirs worries about increased market supply. Should Ripple decide to sell a portion of these tokens, it could exert downward pressure on XRP's price due to heightened selling activity.

From a technical perspective, XRP's DMI (Directional Movement Index) chart is signaling bearish trends. The ADX (Average Directional Index), which gauges the strength of a trend, has plummeted from 42.45 just two days ago to 26.68, indicating that the prevailing trend is losing steam. Concurrently, the DI (Positive Directional Indicator) has decreased to 12.91 from 22 the previous day, reflecting a decline in bullish momentum. In contrast, the -DI (Negative Directional Indicator) has surged to 27.43 from 15.64, highlighting escalating bearish pressure. This divergence in directional strength, coupled with the massive token unlock, suggests that XRP might encounter additional downward pressure unless demand swiftly absorbs the incoming supply.

Network activity metrics for XRP experienced a remarkable surge in March, peaking with 7-day active addresses reaching an all-time high of 1.22 million on March 18. However, this enthusiasm was short-lived, as the figure has nosedived to merely 158,000 in less than three weeks—a staggering 87% decline. This abrupt turnaround implies that the recent spike in user engagement may have been transient or driven by specific events rather than reflective of enduring adoption or burgeoning user demand. Monitoring 7-day active addresses serves as a crucial onchain indicator, providing insights into the frequency of a token's network usage. Elevated activity generally correlates with robust user interest and functionality, often bolstering price support or triggering rallies. Conversely, precipitous drops in active addresses, as seen in XRP's case, can indicate waning demand, reduced network utilization, and potential selling pressure. Given this dramatic fall in activity, XRP's price may struggle to find upward momentum unless new stimuli rekindle user participation.

XRP's EMA (Exponential Moving Average) configuration underscores a pronounced downtrend, with short-term moving averages positioned significantly below their long-term counterparts and a substantial gap separating them, signifying sustained bearish impetus. Unless buyers intervene promptly, XRP's price might proceed to test support near $1.90, a level that has previously acted as a barrier. A breakdown beneath this threshold could expose the asset to further losses, potentially reaching $1.77. Nevertheless, if XRP manages to reverse its current trajectory and recapture upward momentum, it could attempt to breach resistance at $2.06. Successfully surmounting this level might set the stage for a prolonged uptrend toward $2.22.

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