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Vital Ripple Metric Sees 67% Surge: Is XRP Preparing for a Major Rally?

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TL;DR

  • One of the crucial metrics showcasing the overall interest and use case of Ripple’s network has skyrocketed recently, which is in stark contrast to its recent downtrend behavior.
  • This, alongside a few technical indicators, suggests an upcoming price surge for the underlying token.

The metric in question is the number of active XRP addresses. Recall that it had declined significantly just a few days ago, dropping by nearly 50% within a month or so. This is a warning sign for the asset’s price as it demonstrates that users are less and less inclined to actively use the ecosystem.

However, Ali Martinez outlined a massive resurgence of the number of active addresses, which skyrocketed by 67.5% on a daily scale on Sunday. This was somewhat unexpected given the relatively calm price moves during the weekend and the low trading volumes.

While the growing usage of the XRP network by more active addresses can be considered a bullish sign, so can the inverse head and shoulders pattern XRP “appears to be forming,” Martinez added. The analyst with over 135,000 followers on X believes this technical indicator can send the token flying to $2.7.

Such a potential surge would represent a 30% increase from the current levels, given that XRP has retracted slightly to under $2.1 now.

Additionally, the squeezing Bollinger Bands indicated that XRP’s consolidation is coming to an end, which could trigger a big move in either direction.

Prispevek Vital Ripple Metric Sees 67% Surge: Is XRP Preparing for a Major Rally? appeared first on CryptoPotato.

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