XRP On-Chain Indicators Hint at Price Surge
The XRP token is experiencing a similar struggle to bulls and bears in the cryptocurrency market. However, certain on-chain indicators are currently indicating a bullish sentiment for the asset, particularly the historical spikes in activity.
According to data and chart patterns shared in a tweet by crypto trading analyst Ali Martinez on June 26, a spike in the number of active XRP addresses has preceded the previous three instances of price jumps in the cryptocurrency.
The last three instances $XRP price jumped were preceded by a spike in the number of active #XRP addresses.
On-chain data from @santimentfeed has recorded a spike in network activity over the past few days. Could history repeat itself? pic.twitter.com/XoJAFsDuvo
— Ali (@ali_charts) June 26, 2023
Martinez highlighted that the crypto market intelligence platform’s data shows a recent increase in network activity of XRP addresses, suggesting that history could repeat itself this time.
Regarding price analysis, XRP is currently being traded at $0.4794, reflecting a 1.12% decline in the last 24 hours and a 1.23% drop over the previous seven days. However, it has still managed to gain 1.37% over the past month, based on the latest charts retrieved on June 27.
On June 18, an anonymous crypto analyst known as thescalpingpro mentioned that XRP had a promising setup and could reach $0.68 or higher if it broke the critical resistance level of $0.55.
READ MORE: EU Secures Historic Deal: Reinforcing Banks, Regulating Crypto
It’s important to note that the outcome of the legal dispute between the United States Securities and Exchange Commission (SEC) and Ripple, the blockchain company behind XRP, may impact the token’s price. XRP is at the center of this case.
Additionally, Bitcoin (BTC) supporter Max Keiser holds a pessimistic view on XRP’s future, predicting that the SEC will ultimately succeed in taking down the token, which he referred to as a “Ponzi scheme.” Keiser believes that the case was never truly about the law.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
