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LINK Price Drops 10% Despite Ripple’s Chainlink Partnership

Nitin Gupta - Market Analysis - January 8, 2025
LINK Reaction Remains Muted Despite Ripple’s Chainlink Integration
Nitin Gupta Founder of LetsTalkWeb3.com, a full fledged media house for everything Web3.…
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LINK’s price has declined 10% in the past 24 hours, mirroring the broader cryptocurrency market downturn. This price drop follows Ripple’s integration of the Chainlink Standard to help bring its new RLUSD stablecoin on-chain.

At press time, LINK trades at $20.77. Its technical and on-chain setup confirms the possibility of further declines, and this analysis explains how. 

Chainlink Faces Double-Digit Drop as Bearish Sentiment Intensifies

On Tuesday, digital payment service provider Ripple confirmed its partnership with Chainlink. The collaboration aims to provide secure and accurate price data for RLUSD transactions on Ethereum and the XRP Ledger.

However, the news of this integration has failed to impact LINK’s price positively. In the past 24 hours, its value has dropped by 10%.

Moreover, LINK’s double-digit price decline has been accompanied by a surge in its trading volume, forming a negative divergence. Over the past 24 hours, the token’s trading volume has totaled $1.06 billion, rising by 28%.

LINK Price and Trading Volume. Source: Santiment

When an asset’s trading volume surges during a price decline, it indicates heightened market activity as more participants sell, possibly driven by panic or profit-taking. This signals a strong bearish sentiment and hints at a likely continuation of the downtrend. 

Additionally, the negative readings from LINK’s price daily active address (DAA) divergence highlight the low demand for the altcoin. At press time, this is -56.61%.

LINK Price Daily Active Address Divergence
LINK Price Daily Active Address Divergence. Source: Santiment

This metric measures an asset’s price movements with the changes in its number of daily active addresses. When its value is negative during a price decline, it suggests weakening on-chain activity alongside the bearish price action. This indicates reduced interest or utility for the asset, reinforcing the downward trend.

LINK Price Prediction: A Decline Below $20 or a Rally Above $30?

LINK trades slightly above the support formed at $18.53 on the daily chart. If its current downward trend persists, this support level will be tested. If it fails to hold, LINK’s price could drop further to $15.81.

LINK Price Analysis
LINK Price Analysis. Source: TradingView

However, if the broader market sentiment improves and LINK accumulation resumes, it could drive its price above $22.54 and toward the $30 price zone. 

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.



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bitcoin
Bitcoin (BTC) $ 108,850.16
ethereum
Ethereum (ETH) $ 2,557.08
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.35
bnb
BNB (BNB) $ 674.53
solana
Solana (SOL) $ 176.47
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.227989
cardano
Cardano (ADA) $ 0.758313
tron
TRON (TRX) $ 0.272