Analysts Predict a Legendary Surge
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XRP shows signs of a possible breakout, with analysts predicting a major surge. On-chain data reveals declining active addresses, raising questions about the strength of the bullish trend. Ripple [XRP] was trading at $0.5842 at press time, marking a 1.8% increase and continuing its steady recovery over the past weeks. In the last seven days alone, XRP has risen by 7.3%, sparking optimism among investors and analysts. This recovery comes amid a period of overall market volatility, where XRP’s performance has been relatively subdued compared to some other major cryptocurrencies. Analysts point to a 7-year compression pattern Renowned crypto analyst CrediBull commented on XRP’s recent price movements, highlighting the asset’s long-term compression over nearly seven years. He described this as “the mother of all bull flags,” emphasizing its uniqueness in the crypto space. Source: CrediBull on X CrediBull noted: “Literally nothing else like it in this space, partly because most of the coins here haven’t even existed for 7 years lol. When the old guard wakes up it’s going to be legendary.” Another analyst, MoonLambo, expressed a similar sentiment, stating, “As I’ve said many times XRP cannot, and will not, stay in this range against the dollar forever,” indicating his belief that XRP will eventually reach a new all-time high. XRP’s on-chain and market data: Assessing bullish signs To gauge whether XRP is truly poised for a bullish surge, looking at its on-chain metrics is considered. Despite the optimistic technical outlook, on-chain data presents a more nuanced picture. According to Santiment, the number of active XRP addresses has seen a significant decline in recent months. Source: Santiment This figure has dropped from a peak of 382,000 in April to around 196,000 currently. A reduction in active addresses often indicates waning user engagement and reduced transaction activity on the network. This…
Filed under: News - @ September 18, 2024 12:26 am