In both the market and on the blockchain, Ripple (XRP) is showing positive developments that could suggest a shift in opinion. The price has surged past the resistance trendline, hinting at a surge in bullish energy. Notably, a significant support level is taking shape at $2.34, with the current XRP price hovering around $2.59 – an increase of over 2% within the last day. If this optimistic momentum continues, there’s potential for a rise towards $3 or even higher.
As a crypto investor, I’ve noticed some captivating patterns in the on-chain metrics. The daily creation of new accounts is almost reaching levels we last saw during XRP’s peak bull market at around $3, and there’s an uptick in newly activated accounts. This indicates that both institutional and retail investors are rekindling their interest in this asset. Moreover, the surge in network activity and transaction demand has led to a steady rise in the average number of transactions per ledger.
On average, the ledger handles between 120 and 150 transactions, indicating a robust network activity that’s crucial for maintaining price stability and longevity. However, it’s important to note that the psychological barrier at $3 continues to pose a substantial challenge.
If XRP fails to break its current level, it might drop to around $2.34 or even $2.16. The Relative Strength Index (RSI) readings on the price chart suggest that the market is slightly overbought, suggesting traders should be cautious when considering new positions at these prices. Currently, XRP is in a favorable position due to bullish price trends and increased on-chain activity. Given the renewed interest in the network and positive sentiment, there’s a possibility for further growth.
Traders should carefully monitor crucial points like $3 (a potential resistance level) and $2.34 (a possible support level). If the trend persists, XRP could potentially reach its previous high of $3 again, but if it falters, there may be a temporary pause in its progression.
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2025-01-14 16:55