As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the recent surge in XRP. The altcoin’s meteoric rise to a new year-to-date high at $1.68 is reminiscent of a rollercoaster ride that I’ve grown accustomed to in this space.
XRP (XRP) rallied to a new year-to-date high at $1.68 after the altcoin continued to form a higher high (HH) pattern. The crypto asset is up 40% this week, and it may potentially flip BNB to become the fifth-largest cryptocurrency in the market.
XRP active accounts rise 100% in November
Over the last month, the value of XRP has surged by an impressive 232%. Moreover, its underlying network activity indicates a revitalization too. According to xrpscan, the number of active accounts or unique senders on the XRP network saw a significant rise. On November 1, this figure was 15,592, but it peaked at 47,044 by November 16.
The typical number of active accounts more than doubled in November, increasing from approximately 12,000 to 25,000 this month. Furthermore, there was a substantial increase in newly activated accounts on the XRP ledger during November, suggesting an influx of new users joining the network.
The bullish sentiment around XRP has also picked up from Ripple’s strategic partnership with Archax to launch a tokenized money market fund on the XRP ledger.
Moreover, Bitwise, a company managing cryptocurrency index funds, declared on November 7 their intention to rename their European XRP Exchange Traded Product (ETP). This move aims to offer European investors an opportunity to invest in XRP through a product that is directly tied to the underlying asset.
XRP eyes $2 but overbought conditions point to “distribution”
The surge in XRP’s value came following a bullish escape from a ‘bull pennant’ formation on the price chart. This new peak suggests that the bullish trend is continuing, potentially leading to more price increases.
According to the Fibonacci extension rule derived from its previous trend low at $1, the potential next stop for XRP could be between $1.95 and $2.05. This range includes its prior bull-run’s market peak at approximately $1.97, which may serve as a resistance level in the near future.
Mikybull, an independent crypto analyst, also mentioned the possibility of a $2 target and said,
“$XRP 2017 kind of rally vibes. Hit $2, experience a pullback, and then continue its vertical hated rallies to a new cycle top of probably $10.”
To clarify, the mid-term and long-term graphs show evident bearish discrepancies.
An interesting observation to note is that since November 16th, there appears to be an inverse relationship between the price and trading volume of XRP, suggesting it’s currently in a period of distribution. This means that market participants may be considering offloading their XRP holdings.
Given that trading activity has been at its lowest since November 10th over the last three days, it seems likely that the chances of a bullish market reversal are on the rise.
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2024-11-30 01:03