XRP Price Surges With Increase In Daily Address Activity; Promising Sign For Traders?

The XRP market has witnessed a bullish upturn in recent weeks, rebounding from the weekly 50 Moving Average and gearing up to retest a higher time frame logarithmic downtrend resistance formed in May 2021. During the early London trading session on Tuesday, the digital asset backed by Ripple was trading around $0.50, attracting significant attention as traders anticipate a potential breakout that could propel the instrument beyond $0.58.

With the SEC vs Ripple lawsuit nearing its resolution, the XRP community is eagerly speculating on the outcome expected from Judge Analisa Torres. The finality of this case holds significant implications for the future of XRP.

Related: Ripple Vs SEC Case To End By Maximum 60 Days – Coinpedia Fintech News

XRP On-Chain Metric Rises

As a top-traded digital asset with higher liquidity than most altcoins in the crypto market, XRP has attracted a lot of traders and investors in the recent past. According to on-chain aggregate data provided by bitinfocharts, the number of transactions in the XRP ledger per day has recently scaled to about 1,567,215. 

Market intelligence platform Santiment has shown that the address activity in the XRP network has recently surged, with over 490k addresses interacting on the network in the past few days.

“XRP network has now had its 2nd & 3rd largest address activity spikes of all time these past 2 days,” Santiment noted.

Meanwhile, Santiment highlighted that the XRP market has continued to experience mild decoupling from the rest of the altcoin market.

“A mild 4 percent decoupling has emerged between $XRP and the altcoin pack, and if history repeats itself from the March 18th activity spike, it could be more,” Santiment concluded.

Price Action Analysis 

The XRP price has been trading inside a macro triangle pattern that could soon break out on either side. Nonetheless, the bullish outlook in the XRP market has a higher ground in the short-term perspective.

Also Read: Ripple News: Top Reasons Why XRP Price Can Hit $1 in June

According to crypto analyst Captain Faibik, XRP price could be headed for a breakout toward $1.4 soon.

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• Source: https://coinpedia.org/altcoin/xrp-price-surges-with-increase-in-daily-address-activity-promising-sign-for-traders/