XRP Price Action: Leverage Cleansed, Network Activity Up, But $1.10 Hurdle Remains
XRP has shaken off excess leverage, with open interest collapsing from previous highs. Network activity is showing signs of life, but the critical $1.10 resistance looms large before any serious bullish chart pattern emerges.
XRP's open interest has been brutally flushed, wiping out the speculative froth from last year's peaks. This deleveraging event, while painful, clears the decks for a cleaner price action narrative. Network activity is ticking up, a positive signal for adoption and utility, but the price still needs to conquer the $1.10 resistance zone to signal a true bullish breakout. Until then, it's a battle for bulls to reclaim lost ground.