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Massive XRP Network Surge Followed Price Rally to 2-Month Peak

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Although Ripple’s cross-border token couldn’t continue its run that began on Thursday, it still managed to result in an impressive peak for the overall usage of the ecosystem’s network.

Meanwhile, analysts noted that certain investors are “quietly buying long positions,” as the asset remains below the key 100 EMA line.

Network Usage Rocketed as Price Tried to Break Out

XRP’s price went on an impressive run on Thursday, most likely propelled by the progress of the CLARITY Act in the US. As reported, the long-anticipated bill passed the Senate Banking Committee, which was considered a major step in the right direction for the legislation to be signed into law.

Ripple’s token could be among the biggest beneficiaries of the bill, given its controversial history with the SEC and the lawsuit about its status as a security (or not). Consequently, its price felt a substantial uptick once the bipartisan vote went in favor of the bill, with 15-9, and XRP jumped from $1.42 to $1.55. This became its highest price tag in approximately two months.

This substantial increase also impacted the XRP Ledger’s activity, according to Santiment Intelligence. The analysts said this surge was “enough to help the network erupt to its highest level of on-chain activity since March.” Both active addresses and network growth reached levels not seen since March.

It’s worth noting, though, that XRP was rejected almost immediately at $1.55 and dumped to its starting point, where it sits now as well. Santiment added that this activity spike is likely just general price FOMO, but explained that more transacting on a network is still a “key ingredient to mid- and long-term price growth.”

Someone Is Quietly Buying

Weighing in on XRP’s price movements, popular analyst CW said the “position delta value actually increased” as it appears that “someone is quietly buying long positions.” They even increased their positions at lower prices after the token dropped.

In a separate post, the analyst explained that XRP has not broken through the 100 EMA line, which appears as the first major obstacle ahead. If it does, then it will likely continue to the 200 EMA line, which is currently at $1.70. It’s worth noting that the token hasn’t reached such high levels in well over three months.

Публикацията Massive XRP Network Surge Followed Price Rally to 2-Month Peak appeared first on CryptoPotato.

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