- The number of newly created XRP addresses reached an annual high in March, reflecting a bullish sign for demand.
- Nevertheless, chart analysts disagree whether XRP can break through the USD 0.20 mark or whether it will first fall towards USD 0.08-0.09.
The data platform around the XRP Ledger, XRP1intel.com, currently shows an increased demand for XRP. Both the number of newly created XRP accounts and the transaction volume are showing an upward trend. Thus, XRP is following the lead of Bitcoin. The number of active Bitcoin addresses with a balance greater than zero has risen to an all-time high of over 29.1 million addresses, despite the massive crash in the crypto market.
However, as the data from XRP1intel shows, XRP is also recording a growth in addresses. In January, 18,746 new XRP accounts were created. In February this number rose to 19,460 and culminated in March with 25,077 new XRP accounts. As the following graph shows, the new accounts were created continuously throughout March and not in a concentrated manner on a few days, as in November and January.
The growing number of new XRP accounts indicates an increasing interest in XRP. However, this is only slightly reflected in the price of XRP. Due to the notorious crash on March 12, XRP plummeted to below USD 0.14 and has since recovered slightly to a price of just over USD 0.18 at the time of writing.
However, chart analysts disagree on the current momentum of XRP. According to “CryptoCapo_”, XRP is currently in the midst of an Elliot wave correction, which could cause the price of XRP to fall towards USD 0.08-0.09 and then continue to drop to USD 0.05-0.06, to reach a long-term low in mid-2020.
$XRP – Primary EW count
First target: $0.08-0.09
Second target (potential long term bottom): $0.05-0.06 pic.twitter.com/2SsdKebT6T— il Capo Of Crypto (@CryptoCapo_) March 31, 2020
In contrast, “The Cryptic Poet” analyzed that XRP is about to break the 200 moving average on the 4-hour chart. Breaking through and staying above this level could indicate a longer-term trend reversal.
#XRP's 4 Hour price chart is at the 200 moving average resistance.
Breaking & staying above this could indicate a longer term trend reversal. #crypto pic.twitter.com/90UceBzrRB
— Cryptic Poet (@1CrypticPoet) April 2, 2020
Anchorage announces support for XRP custody
Positive news for Ripple and XRP was reported yesterday by Xpring. In a blog post, the company announced that Anchorage will offer XRP storage support, enabling a growing group of enterprise customers to securely store XRP for various use cases. Xpring’s Warren Paul Anderson commented on the new partnership:
Anchorage’s uncompromising commitment to security is evident in the custody product that it has built, which we at Xpring believe to be world-class. Anchorage’s support of XRP is a great addition to the XRP community and will continue to serve as an option for users to securely hold and use their XRP.
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