The XRP Network experienced a significant increase in address activity for two consecutive days, marking a historic milestone, as reported by the blockchain analysis platform, Santiment.

The growing activity in addresses suggests the possibility of a rally for XRP, Ripple’s native cryptocurrency, as it has previously experienced a notable increase following a similar rise in address activity.

Increased address activity suggests a potential 45%+ price rise for XRP

XRP’s price has risen by about 15% in the past week, from $0.4434 to $0.5053, which it currently maintains at the time of writing.

The price increase is in line with the increase in network address activity. Therefore, as Santiment suggests, it is possible that the price of XRP could increase by over 40%, similar to what happened in March when address activity saw a similar rise.

Similarly, there appears to be a slight disconnect between XRP and the rest of the crypto market, as XRP’s price is rising while many other coins are not. This could be an indication of a potentially more decisive trend change.

Currently, XRP is in a psychological price zone ($0.50), where bulls and bears are battling to determine the victor. Unless the price of XRP breaks strongly out of this zone, it is challenging to continue with a significant bullish movement.

Currently, several indicators such as moving averages, the squeeze momentum indicator, VPVP, and ADX suggest continuing a bullish movement on daily timeframes, which could lead XRP to reach or even surpass the previous high of $0.6 achieved in late March 2023.

Ripple’s potential legal win may boost XRP’s bullish trend

The spikes in address activity on the XRP network occur at a time when many enthusiasts suggest that Ripple could win the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) regarding the classification of XRP as a security.

Even Ripple’s CEO, Brad Garlinghouse, has given optimistic signals pointing to the case being resolved in a few weeks, which would help boost XRP’s price prospects by eliminating regulatory uncertainties.

Therefore, in the short term and according to several indicators, it is highly likely that XRP will experience a bullish movement. Who knows, it may finally manage to emerge from the abyss created by U.S. regulatory pressure.

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Filed under: Bitcoin - @ June 1, 2023 7:37 pm