As a seasoned crypto investor with a knack for recognizing promising opportunities, I find myself intrigued by the recent analysis of CredibleCrypto regarding XRP. Having witnessed the dramatic price swings in the cryptocurrency market, I can attest that a bullish chart like the one he’s highlighting is indeed a sight for sore eyes. The parabolic rise in the number of XRP wallets holds significant weight, signaling increased interest from both new and existing investors.
As a crypto investor, I’ve been closely watching the market and found myself intrigued by a recent analysis on XRP. This well-known analyst sees the current chart of XRP as remarkably bullish following a 20% drop from its peak of $2.85 in early December.
At present, the native currency of the XRP Ledger is being traded at approximately $2.182. Remarkably, it has seen an increase of over 320% since November 5, when Donald Trump, a Republican presidential candidate known for his supportive views on cryptocurrency, won the U.S. elections.
On the microblogging site X, respected analyst CredibleCrypto shared with his over 450,000 followers his optimistic outlook on the XRP/BTC price chart, stating that it “appears incredibly promising” and intends to invest long term again in the near future due to it being the “most bullish-looking chart among all in the market since its lows.
Currently, the price of XRP has returned to where I initially suggested a long position in my previous post, which suggests taking profits was an astute decision. However, the XRP/BTC chart appears extremely promising at the moment, so I plan to re-enter a long position for another trade opportunity.
— CrediBULL Crypto (@CredibleCrypto) December 24, 2024
At the moment, an analyst’s observation aligns with the surge seen in the number of wallets storing the native token of the XRP Ledger, which has experienced a steep increase, similar to a parabola.
Based on statistics from blockchain analysis company Sentiment, who utilized a measurement known as “Total Number of Wallets,” which follows the count of addresses on a specific blockchain network that have a positive balance, there’s been a continuous increase in XRP wallets since October 18.
The firm’s data shows that over the past two years, there has been a 28% rise in the number of XRP wallets with a non-zero balance, to 5.75 million, while also showing that bitcoin saw a 27% rise to 54.9 million and ether saw a 47% rise to 134.9 million.
A rise in the metric indicates that more investors might be joining the market, or current investors could be setting up extra wallets for safekeeping of their investments – a step that privacy advisors endorse.
Factors driving the increase in XRP since November were numerous, such as Donald Trump’s victory in the U.S. presidential elections, multiple applications for XRP-based exchange-traded funds, and the introduction of Ripple‘s RLUSD stablecoin.
Earlier this month, the price began falling significantly. This drop followed the Federal Reserve’s decision to lower interest rates by 0.25% and Chairman Jerome Powell indicating a more aggressive approach, hinting at less interest rate reductions in the upcoming year.
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2024-12-26 18:15