XRP Sees Network Activity, Price Surge, What Next?

XRP saw a sharp rise in network activity over the past week, with more than 67% growth in active addresses.

According to Glassnode data, active addresses climbed from 27,352 on April 11 to 40,366 by April 20.

This rise occurred while the price of XRP stayed stable, primarily between $2.06 and $2.18. Traders and analysts have closely observed this shift, as a bullish chart pattern takes form.

XRP Network Activity Grew as Technical Structure Developed

XRP’s active addresses climbed from 27,352 to 40,366 in just ten days, based on Glassnode data.

This sharp increase did not result in a major price shift, as XRP price hovered near $2.10 throughout the period. However, the network spike coincided with the formation of a bullish chart pattern.

Market observers identified inverse heads and shoulders as they started to form on the daily chart. The pattern serves as an indicator for detecting trend changes in the market.

The pattern developed its left shoulder point, a descending head section, and a right shoulder that rose in value. Resistance appeared to build near $2.30, while support levels held around $2.00.

Technical analysts observed that the shrinking price range could increase pressure near the pattern’s neckline.

A confirmed breakout with strong volume could push the price toward $2.70. Trading interest was building, but confirmation was still required.

Technical Setup Points to Bullish Patterns

During the same period, technical charts showed a descending triangle forming on the XRP/USD 1-day chart.

The setup involved a downward-sloping resistance line and a flat support base. Traders watched this triangle closely, as such formations often lead to a breakout once the price nears the triangle’s apex.

XRP price also showed signs of an inverse pattern in the head and shoulders. This pattern began to take shape as the price bounced off support levels, with the left shoulder, head, and right shoulder visible on daily charts.

Analysts saw the neckline forming around $2.30, with support levels holding near $2.00. These patterns often signal a shift from a bearish trend to a bullish move.

The potential breakout target for XRP ranged from $3.85 to $5.00. These projections depended on confirmation through volume and sustained price movement.

Market participants continued to track the pattern as price remained within a narrow range and volatility decreased.

XRP Faces Resistance at Key Fibonacci Levels Amid Consolidation

XRP tried to break past earlier this month before falling short at the 0.618 Fibonacci retracement area around $2.118.

Trading activity pulled back to mark the area as a vital level after the price faced rejection in this area.

Analysts confirmed that the broad bullish structure persisted despite the price failing to break through resistance at $2.118, and XRP maintained its movement within the designated range.

On the 1-hour chart, an ABC correction pattern continued with an intense impulse wave followed by market consolidation.

At the time of writing XRP price had surged to 2.25 while facing short-term resistance at the 0.618 retracement level.

The RSI indicated bearish divergence through its pattern, where prices produced higher highs while the RSI generated lower highs, accompanying momentum decline, and suggesting short-term price retraction.

The support areas on Fibonacci retracement levels stood at $2.00, $1.927, and $1.85. Bullish pattern remained valid as the price stayed above $1.85.

Market observers predict XRP will either break through lower barriers or demonstrate increased power to initiate a possible breakout shift, according to changes in trading volume and momentum patterns.