The recent price surge for XRP has brought Altcoin to within 17% of its all-time high (ATH) of $3.40.
The rally is driven by a significant bullish momentum, driving a surge in key cohorts.
XRP attracts new buyers
The recent surge in XRP prices could be attributed to a new influx of addresses, which has increased daily addresses by 124% since the beginning of this month. The daily average rose from 3,600 to 8,100, reflecting an increase in investor interest and market optimism.
This influx was a major factor in making Altcoin higher despite wider market uncertainty. As these new addresses pour money into XRP, Altcoin shows resilience against negative market clues.
The continued growth of new addresses is an encouraging sign for XRP’s market outlook. These new owners are increasing prices and will also help maintain bullish trends.
Looking at the technical indicators, RSI (Relative Strength Index) is currently in the area purchased above the 70.0 threshold. This suggests that XRP could be in the middle of extended gatherings, similar to previous cases where prices skyrocketed to conditions where prices were over-acquired.
In November 2024, XRP saw a massive rallies of 387% before experiencing a comeback. Another extreme gathering is unlikely, but the current conditions indicate that XRP still has room for growth, particularly with continued support of new addresses.
The excess combined with the influx of new owners suggests that the rally is likely to continue for the time being. If the market remains favorable, XRP could maintain its upward momentum and potentially form new ATHs in the coming weeks.
XRP Prices Face Resistance
The XRP currently costs just $2.89, a resistance level of $3.00. This is four months high, bringing Altcoin closer to a $3.40 ATH.
The recent surge, driven by the influx of new addresses, has brought XRP closer to breaking this important resistance. XRP is 17% off the ATH and could surpass $3.00 if the current momentum continues. Once $3.00 is secured as support, XRP can continue to rise, potentially reaching over $3.40, marking a new ATH for cryptocurrency.
However, if XRP is making a profit and investors start selling their holdings, XRP could face a reversal. A massive sale reduced the price to $2.65, invalidating the bullish paper.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
