As a seasoned financial analyst with over a decade of experience in the cryptocurrency market, I have witnessed numerous price surges and trends. However, the recent activity on the XRP Ledger has caught my attention more than usual. The unexpected surge in new addresses and active wallets, as well as the significant price increase of nearly 29% in just a month, is reminiscent of the bull markets we’ve seen before.
As a crypto investor, I’ve noticed an unexpected surge in activity on the XRP Ledger. Both new and old addresses have seen a spike in usage, reaching levels not experienced since March. This burst of activity came hand in hand with a significant price rise of nearly 29% over the past 30 days.
Last week saw a significant surge in the number of new XRP wallets being created on the blockchain. In fact, there was a record-breaking day with a total of 1,721 fresh wallets created within a 24-hour period, which marked the highest daily count since March 30th.
Just like the number of active addresses on the XRP Ledger has significantly increased, reaching a high of 47,363 individual addresses interacting with the network in a day. This represents the busiest period of activity since March 9, based on data from analytics firm Santiment.
The XRP Ledger is experiencing a significant increase in the number of newly generated addresses and in the overall activity level among existing addresses. These figures have reached their peak points since March.— Santiment (@santimentfeed) July 18, 2024
According to reports, well-known cryptocurrency analyst Ali Martinez has revealed that large XRP investors, or “whales,” have purchased approximately 140 million dollars’ worth of XRP – around 140 million units – within the past week. Concurrently, XRP’s price experienced a substantial increase.
The amassing pile is expanding, with one market expert predicting that XRP‘s price could surge to as high as $36 in the imminent period, having entered “qualification phase.”
In a post on microblogging platform X, which boasts over 100,000 followers, an anonymous cryptocurrency analyst named Dark Defender stated that XRP had transitioned into “qualification phase” following its rebound from the $0.39 threshold and subsequent climb above $0.60, thereby breaching the confines of its earlier triangle.
Based on the analysis of a cryptocurrency expert, if XRP surpasses the resistance level of $0.6649, it may trigger a bullish trend, potentially reaching prices of $1.88, $5.86, and even $18.23 according to Fibonacci retracement levels.
Significantly, there has been a surge in optimistic views about XRP following its recent price increase.
According to Milkybull Crypto, a well-known cryptocurrency analyst with over 70,000 followers on microblogging platform X (previously Twitter), the ongoing XRP price surge is merely the beginning, and he anticipates it will resemble the significant rally experienced in 2017.
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2024-07-26 03:36