All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- XRP makes a massive comeback to $0.53 from its initial $0.43 after breaking multiple resistance levels in just 48 hours.
- Along with the price surge, the number of XRP transactions has also recorded an impressive growth to 2.55 million.
XRP makes an unexpected recovery to $0.53, breaking the 50 EMA at $0.48, the 100 EMA at $0.50, and the 200 EMA at $0.52. At press time, the asset had surged by 21% in the last seven days with a significant portion of this gain coming from the last 48 hours.
According to our data, the current price action coincides with a notable surge in the number of transactions which has leaped to 2.55 million in the last 24 hours. Messari data also confirms that the number of transaction transfers has increased to 1.47 million, marking a substantial increase in network activities and usage on the XRP network.
Our review of notable metrics shows that the asset currently has a bullish market sentiment with the Relative Strength Index (RSI) reading 66. This implies that XRP is approaching the overbought territory. According to analysts, there could be a short-term pullback despite the strong buying pressure. On the other hand, the asset could continue rising once the bullish momentum holds.
XRP Records Booming On-chain Activities
The current price action also appears as a product of booming on-chain activities recorded last week. On July 8, 2.3 million transactions were completed on the XRP Ledger (XRPL). This represents a 15% surge from the 2 million transactions recorded on July 7. Per our records, the last time XRP recorded such a high single-day transaction was on February 16. The transaction count on the network has also skyrocketed by 97% Since July 1.
Generally, XRP has performed averagely well as its first-quarter report showed a direct relationship between the price and the XRPL activities. According to the report, on-chain transactions surged by 108% to 251.39 million in the first quarter of 2024 from the 121.03 million recorded in the last quarter of 2023.
Commenting on this, analysts suspect that the ongoing broad market rally stems from the recent prediction by ETF analyst and president of The ETF Store Nate Geraci, claiming the much-anticipated spot Ether ETFs could be launched by the end of this week.
Welcome to spot ETH ETF approval week. Don’t know anything specific, just can’t come up [with]good reason for any further delay at this point.
For XRP, an analyst believes that the asset is currently approaching Wave three out of the five Waves of the Wave Theory. According to him, it has been in the Wave 2 correction since 2018, and per all indications, the asset could break down.
No one is talking about this MASSIVE $XRP triangle breakdown. A weekly close below $0.42 is extremely bearish. $XRP has been in a primary WAVE 2 correction (A-B-C pattern) since the 2018 peak. Currently, WAVE C is unfolding, and we are likely in WAVE 3 or 5. A sharp sell-off is imminent!
However, others expect a bullish continuation triggered by a potential win in the ongoing case between the SEC vs Ripple as we reported.
