The post XRP surges 10%, outpacing top coins – What’s driving the rally? appeared on BitcoinEthereumNews.com.

XRP’s bullish pennant and breakout signaled traders’ confidence toward a potential $3 target. Network activity hit 26,144 daily addresses, reinforcing adoption and sustaining upward momentum. Ripple [XRP] has captured attention with a 10.72% surge in the last 24 hours, climbing to $2.37 at press time. This impressive rally highlighted its strong upward momentum compared to major cryptocurrencies.  Factors like increasing daily active addresses, a rising MVRV ratio, and bullish technical indicators further strengthened its position as one of the top-performing assets in the market. Breaking through resistance XRP’s price movement reflected robust bullish sentiment. The price recently broke out from a consolidation phase, surging above the $2.30 resistance level.  The formation of a bullish pennant flag pattern also suggested the potential for more gains ahead. Therefore, the $3 target depends on a successful breach of the $2.59 resistance level. Source: TradingView Rising MVRV ratio signals market confidence The MVRV ratio (Market Value to Realized Value) was at a significant 314.74% at press time. Historically, such elevated levels have marked profit-taking phases.  However, the sustained rise in this metric indicated strong market confidence, with both new participants and long-term holders maintaining their positions. This upward trend suggests continued optimism among investors. Source: Santiment XRP: Network activity surges Daily active addresses have reached 26,144 as of the 2nd of January, showcasing increased network activity. This steady rise underscored growing adoption and utility within the XRP ecosystem.  This surge in active participation reflects heightened interest and reinforces the sustainability of the current rally. Source: Santiment Continued bullish momentum? Technical indicators further validated XRP’s bullish outlook. The Relative Strength Index (RSI) remained above 58, signaling moderate momentum with potential for further growth.  Additionally, the 9-day moving average has crossed above the 21-day moving average, forming a golden cross. These signals collectively suggest that the…

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Filed under: News - @ January 2, 2025 12:27 pm