Ripple is active again, and this time the token price is not rising in a way that surprises the broader market as it did a few days ago. However, for the first time since March, two significant data points have reached a high level that could strengthen XRP‘s potential to achieve a higher value. Are other events in the ecosystem following a similar path?
What’s Happening on the XRP Front?
XRP Ledger (XRPL) network data shows that network growth has reached 1,721, indicating an increase in token adoption and interaction within the network. But it doesn’t stop there. Another data point with a similar rise is active addresses. Simply put, active addresses track the number of different users participating in transactions.
Typically, this data does not count the new group joining the network. Instead, it looks at market participants who are both senders and receivers and have previously interacted with the network. Onchain data from Santiment shows that 47,300 active addresses successfully executed XRP transactions between July 17-18.
XRP Chart Analysis
At the time of writing, XRP is trading at $0.55, representing a 4.74% drop in the last 24 hours. The price drop can be attributed to an increase in realized profits. According to Santiment, the network’s realized profit/loss reached 183,000 on July 19. Sudden spikes in this data indicate increased profit-taking.
Although XRP has erased some of its gains, the price remains above the 200-day (yellow) and 50-day (blue) EMA averages. This abbreviation stands for exponential moving average and measures the trend direction over a specific period. When the EMA average is above the price, the trend is downward. However, since the situation is the opposite, it reaffirms XRP’s underlying bullish potential and positive strength.
After being confirmed with a recovery, XRP could move to $0.57. If the market situation turns extremely bullish, the price could surpass the psychological resistance of $0.60 and reach $0.63. However, if cryptocurrency holders continue to incur losses, this prediction may be invalid, and in such a case, the XRP price could drop to $0.53.
