Introduction
Ripple’s XRP is one of the most popular cryptocurrencies in the world. It is known for its fast and cheap transactions, as well as its strong utility. In recent weeks, XRP has seen a surge in price, thanks to a combination of factors, including on-chain data, technical analysis, and accumulation.
On-Chain Data
On-chain data shows that there were 4.8 million XRP wallets active in the last 24 hours. This is a significant increase from previous months, and it suggests that there is growing interest in XRP. Additionally, there were over 1 million XRP transactions in the past 24 hours, costing only $1,500. This shows that XRP is a very affordable and efficient cryptocurrency to use.
Accumulation
Another positive sign is that there is significant accumulation of XRP happening. Over 2,000 wallets hold more than 1 million XRP, and wallets holding over 100,000 XRP are also accumulating. This suggests that investors are bullish on XRP and believe that it has the potential to increase in value in the future.
Technical Analysis
Technical analysis of XRP’s chart suggests that there is potential for a push to 62-64 cents in the short term. This is based on the fact that XRP has recently broken through a key resistance level and is now trading above its 200-day moving average. However, longer-term analysis hints at a possible pullback to around 38 cents. This is because XRP is overbought on the weekly chart and is nearing a key trendline at 59.64 cents.
Conclusion
Overall, the outlook for Ripple’s XRP is bullish in the short term. There is strong on-chain data, accumulation, and technical analysis to support this outlook. However, investors should be aware of the potential for a pullback in the longer term.
