The XRP Network saw a massive increase in address activity for two successive days, marking a historic milestone, as highlighted by the blockchain analysis platform, Santiment.
The increasing activity in addresses indicates the possibility of an imminent rally for XRP, Ripple’s native crypto, as it has in the past recorded a significant surge after a similar spike in address activity.
Increased Address Activity May Result In A $45% XRP Price Increase
Interestingly, the price of XRP has increased by around 15% in the last seven days, from $0.4434 to $0.5053, which it currently maintains at the time of publication.
The price surge comes in line with the growth in network address Activity. Hence, as Santiment indicates, it is likely that the XRP price could gain 40%, similar to what happened in March when address activity recorded a similar spike.
Notably, there seems to be a small disconnect between XRP and the rest of the cryptos, as XRP’s price is gaining while most other coins are dropping. This might be an indication of a possibly more decisive and persistent trend change.
For now, XRP is in a psychological price zone ($0.50), where the bulls and bears seem to be battling fiercely. Unless the price of this token breaks decisively out of this zone, it is difficult to continue with a strong bullish movement.
Many indicators such as the squeeze momentum indicator, VPVP, moving averages, and ADX indicate continuing a bullish trend on the daily charts, which may push XRP to reach or exceed the past high of $0.6 seen in late March 2023.
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Ripple’s Possible Legal Win May Enhance XRP’s Bullish Momentum
The rapid increase in address activity on the XRP network has happened at a time when most crypto enthusiasts believe that Ripple could emerge victorious in the lawsuit by the U.S. Securities and Exchange Commission (SEC) about the classification of XRP as a security.
Even Brad Garlinghouse, Ripple’s CEO, has given somewhat optimistic signals pointing to the court case being resolved within a few weeks, which might help boost XRP’s price prospects by getting rid of regulatory uncertainties.
Hence, in the near term, and based on multiple indicators, it is possible that XRP will see a strong bullish movement. It might finally manage to arise from the hole created by US regulatory pressure.
Source: https://econintersect.com/xrps-explosive-boom-results-in-record-breaking-address-activity