The price of Ripple (XRP) has remained stagnant between $0.47 and $0.49 for the past week. Despite the decrease in media attention, on-chain data shows that the economic activity on the XRP network has increased significantly. This has led to speculation that XRP may experience a price breakout in the coming weeks.
In early June, XRP received a lot of media coverage, especially after reaching a new peak. However, since then, the buzz has died down considerably. Social Volume data from Santiment shows that mentions of XRP have dropped by over 98% since June 7. This decline in sentiment could indicate a potential buying opportunity for strategic investors.
Although media coverage has decreased, on-chain data reveals that XRP holders have been trading more actively recently. The XRP Ledger network has consistently seen over 135,000 Daily Active Users since June 23, surpassing 100,000 only ten times this year. Previous instances of a large increase in active addresses have resulted in significant price increases for XRP.
Taking these factors into account, it is predicted that XRP may reach a new peak of $0.60 in the coming weeks. Currently priced at $0.48, the MVRV ratio indicates that most investors who bought XRP in the last month still hold losses. However, if XRP can surpass the resistance at $0.50, it could move closer to the predicted peak.
On the other hand, if XRP unexpectedly drops below $0.45, the potential price analysis could be negated. However, there is likely to be bullish support at that level to prevent significant losses. If support fails, XRP may drop further to the next support level at $0.40.
Continue reading on Beincrypto.com
By
By
By
By
By
By