- XRP network’s address activity climbed to the second-highest level in the altcoin’s history.
- XRP Ledger’s native token has mildly decoupled from other altcoins.
- In March, the largest on-chain activity spike in XRP led to a 45% price rally.
XRP Ledger’s native token XRP registered an increase in address activity on Monday, when more than 490,000 addresses interacted on the network, signaling an impending price rally.
In the past, the largest spike in XRP address activity resulted in a 45% price rally in the next ten days. It remains to be seen how the altcoin’s price will react to the recent on-chain activity. XRP trades at $0.50 at the time of writing, up 4.2% in the last 24 hours.
Also read: Pro-XRP attorney predicts the altcoin’s rally to $2 ahead of SEC vs. Ripple verdict
XRP network records high level of address activity
XRP network recorded its second largest address activity spike of all time in the past two days, according to data from crypto intelligence tracker Santiment. On March 18, XRP saw its highest address activity ever, and this was followed by a 45% rally in XRP price within the next ten days.
Typically, high address activity is associated with rising demand for the asset among market participants.
XRP address activity
The above chart shows the two large activity spikes against the altcoin’s price.
Moreover, XRP has mildly decoupled from other altcoins in the crypto ecosystem, data from Santiment shows. The crypto intelligence tracker has recorded a 4% decoupling in XRP, supporting the thesis of an upcoming price rally. If history repeats itself, a scenario similar to March 18 could come into play.
Analyst is bullish on XRP price rally, predicts breakout
A widely-followed technical analyst who identifies as CryptoFaibik on Twitter (@CryptoFaibik) has presented a bullish thesis for XRP price. The analyst predicts an influx of strong buying volume in XRP, with bulls ready to push the asset’s price past the two-year descending trendline resistance at $0.5003, resulting in a breakout.
XRP/USDT three-day price chart
However, if XRP price fails to break out of the symmetrical triangle formation, the bullish thesis for the altcoin would be invalidated.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple's XRP could rally to $4.75 despite rising profit-taking among investors
Ripple's XRP continued its rally on Wednesday as it looks to test the upper boundary of a key flag channel. Following the recent price rise, investors booked profits worth nearly $800 million while options traders bet on the remittance-based token hitting the $5 mark.
Caroline Crenshaw's renomination vote postponed, as crypto industry pays keen attention on voting procedures
The Senate vote on Wednesday regarding the reappointment of Securities & Exchange Commission Commissioner Caroline Crenshaw has been postponed due to a clash with procedural rules following a shift in the initial schedule.
Ethereum Price Forecast: ETH eyes new yearly high as whale and institutional holdings increase
Ethereum is up 6% on Wednesday after bouncing off the support level near $3,550. The spot market shows institutional investors and whales maintained a bullish sentiment, potentially scooping up ETH at lower prices during the recent dip.
Bitcoin reclaims $100K following release of US CPI data for November
Bitcoin surged above $100K on Wednesday following the release of the US November Consumer Price Index data, which came in line with expectations at 2.7%. Crypto investors quickly reacted to the report as market participants now anticipate that the Federal Reserve will cut rates by 25 basis points next week.
Bitcoin: Long-awaited $100K milestone meets profit taking
Bitcoin ends the working week hovering around $98,000 after a very volatile Thursday when it surpassed the $100K milestone and underwent a sharp correction. Strong institutional demand, whale accumulation, and the choice of a pro-crypto figure to lead the US SEC fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.