TLDR
- XRP price jumped 10.5% in 24 hours, now trading above $2.50
- Active XRP addresses increased by 620% in one week (74,589 to 462,650)
- Analyst Dom identified a key resistance level against Ethereum that could trigger 160% gains if broken
- EGRAG Crypto spotted a weekly channel pattern similar to XRP’s 2017 rally that saw 2,500% gains
- If history repeats, XRP could reach $27-$33 within 28 days
XRP has jumped 10.5% in just 24 hours, pushing its price above $2.50 as market watchers turn increasingly optimistic about its prospects. The digital asset weathered a volatile week with prices swinging between $1.90 and $3.00 before finding this new momentum.
Several crypto analysts have begun highlighting technical indicators that suggest XRP might be preparing for an even larger move upward. Some even predict the cryptocurrency could challenge Ethereum’s position as the second-largest digital asset by market capitalization.
The recent price surge comes alongside a massive 620% increase in active XRP addresses over the past week. According to data shared by analyst Ali Martinez, active addresses on the XRP network ballooned from 74,589 to 462,650, showing a sharp rise in on-chain activity.
This kind of network activity growth often precedes major price movements in the crypto space. More active addresses generally indicate more people are using, trading, or interacting with the cryptocurrency in various ways.
Crypto market analyst Dom has focused on XRP’s performance against Ethereum, noting that XRP is approaching what he describes as its “largest resistance in history” on the XRP/ETH chart. Breaking through this 0.012 resistance level could unlock major gains, according to his analysis.
“When XRP has broken this resistance in the past, it has gone parabolic with at least 160% gains,” Dom explained. He added that even half of such a move would be enough for XRP to overtake Ethereum in total market value.
Such a “flippening” would mark a major shift in the crypto market hierarchy. XRP briefly held the second-place position back in 2018, but Ethereum has maintained its standing as the number two cryptocurrency behind Bitcoin for most of the market’s history.
Another analyst, EGRAG Crypto, has drawn attention to a weekly channel pattern forming in XRP’s price action. EGRAG notes striking similarities between current conditions and those that preceded XRP’s historic rally in 2017.
During that 2017 bull run, XRP achieved gains of approximately 2,500% over 175 days as it moved from the bottom of its price channel to a cycle peak. EGRAG points out that XRP’s 21-day Exponential Moving Average (EMA) has now closed above the channel with a minor wick present – a technical formation that mirrors the 2017 setup.
If the pattern follows its historical precedent, EGRAG projects XRP could reach between $27 and $33, hitting the Fibonacci 1.618 level. Perhaps most striking is the timeframe for this potential surge – EGRAG suggests it could happen within just 28 days.
Such an explosive move would likely have ripple effects across the broader altcoin market, potentially kicking off a wider rally among alternative cryptocurrencies.
As of this writing, XRP trades at $2.42, with futures market data showing open interest has grown by 4% to reach $3.28 billion. Open interest refers to the total value of outstanding derivative contracts, and increases typically indicate growing market participation and interest.
Technical Analysis
Technical analysts emphasize that for the bullish scenario to play out, XRP must maintain its position above the $2.42 support level. Some market watchers have cautioned that failure to hold this support could see prices drop back toward the $1.50 range.
The current price action comes amid mixed performances across the crypto market, with XRP outpacing many major cryptocurrencies in short-term gains over the past day.
Trading volume for XRP has also increased during this period, providing additional liquidity and potentially more stable price movement. Higher volumes generally support price trends and can help sustain market momentum.
While technical indicators and on-chain metrics appear positive for XRP at present, market participants should keep in mind that many factors could influence future price action. These include broader market trends, regulatory developments, and changes in investor sentiment.
The comparison to XRP’s 2017 rally has captured attention because that period saw one of the most dramatic price increases in crypto history. During that cycle, XRP rose from pennies to over $3, briefly making it one of the most valuable crypto assets in the world.
If current patterns do mirror that historic move, it would represent a major comeback for XRP, which has faced its share of challenges over the years, including regulatory scrutiny and lawsuits.
For now, traders appear focused on whether XRP can break through its key resistance against Ethereum and continue its upward momentum. The increased network activity and growing open interest suggest market participants are positioning themselves for potential moves ahead.
As always in the crypto markets, dramatic price predictions should be viewed with appropriate caution, as historical patterns don’t guarantee future results. However, the combination of technical setups and on-chain metrics has clearly fueled optimism among XRP supporters and analysts alike.
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