Increased Network Activity Could Lead To An XRP Rally: Analyst
- A crypto analyst predicted in a tweet that the price of XRP is likely to rise soon.
- The analyst’s belief was based on historical data which showed that increased network activity has caused XRP to rise.
- At press time, the remittance token was worth about $0.4788 after it printed a 1+% 24-hour loss.
A well-known crypto trader and analyst, Ali, shared a post on Twitter yesterday wherein he speculated whether the price of Ripple (XRP) could rise in the next few days. The analyst based this belief off of the fact that in the last three instances the price of XRP jumped after there was an increase in the number of active XRP addresses.
It is thus worth noting that recent data from the market intelligence firm, Santiment, indicated a spike in XRP’s network activity over the past few days. As a result of this, the analyst shared his belief that the price of XRP will likely jump if history repeats itself.
Since the post was made, XRP has been unable to pull its price back into the green zone as it was one of the many cryptocurrencies that saw their prices drop over the past 24 hours of trading. At press time, CoinMarketCap indicated that the remittance token was trading hands at $0.4788 after a 1.07% price loss.
This meant that XRP was trading closer to its daily low of $0.4746 than its 24-hour high of $0.4869. The altcoin’s price drop also meant that its weekly performance was down by about -1.47%.
Meanwhile, XRP’s trading volume saw a more than 17% increase throughout the past day, which left it standing at around $897 million at press time. Ever since reaching its all-time high of $3.84 in January of 2018, the price of XRP has slipped by more than 87% to trade at its current level.
From a technical perspective, XRP was trading above the crucial support level at $0.4718 at press time. If the remittance token’s price drops below this level in the next 24-48 hours, it will put the altcoin at risk of falling to $0.4491 in the following few days.
On the other hand, if XRP is able to close the next 2 daily candles above the key support level, then it may make a move towards the next resistance level at $0.5049. Overcoming this resistance level will clear a path for the altcoin’s price to climb to $0.5467 in the following week.
Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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