- XRP’s daily transactions have surged to 295K+, indicating growing network activity and increasing demand.
- Whale participation reaches a new high with over 2,700 wallets holding 1M+ XRP, signaling market confidence.
- XRP is at a crucial resistance point, with $2.35 being the next key level to break for potential growth.
XRP has been exhibiting promising growth over recent days, as users interact more and more, and whales become active. Analytical platform Santiment revealed that XRP addresses were currently transacting at a rate of over 295,000 per day.
A significant increase from an average of 35,000 to 40,000 transactions over the previous three months. This surge can symbolize an increasing rate of interest in the network, and this further interest may lead to a price increase of the network in the near future.
Besides this growth in user engagement, the count of whale and shark wallets with a balance of 1 million or more XRP has soared to more than 2,700. A significant number of large holders entering the market has never occurred in the history of the asset, which has exceeded 12 years. The presence of these key players may help stabilize the price of token and promote its further development.
Source: X
XRP Consolidates, Trading Volume Surges
Although there is an indication of optimism, XRP has not breached fundamental resistances. World of Charts has observed that the token is currently in a consolidation stage, and a breakout has not been confirmed yet.
Source: X
Currently, XRP is trading at $2.31, representing a 6.43% increase over the past day. Its trading volume has increased by 182.43%, and the market capitalization stands at $135.65 billion. This boom in trading has also elevated token’s dominance to nearly 4%, indicating heightened market interest in it.
The 200-day exponential moving average (EMA) is supporting the current level of approximately $2. Additionally, the bullish convergence of the 50-day EMA has shown a slight bullish divergence above the 2.25 mark.
Source: TradingView
XRP Targets $2.35 Resistance
This implies that buying pressure is emerging, and as a result, there may be a rise in price within a few days. Relative Strength Index (RSI) also left the oversold territory, which is another indication that the coin could be coming to its more bullish period.
The price of cryptocurrency may temporarily reach its immediate resistance at $2.35, and the subsequent resistance areas would be $2.57 or $3. Should the market maintain its momentum, the Ripple token might drive up to its new high (ATH) of 3.40. However, in the event of bearish market conditions, the price may reverse and test the support levels at $2.14 or lower, at $2, or $1.94.
In the future, the future of Ripple token largely depends on whether it manages to surpass these resistance levels or not. The market is uncertain, as existing technical indicators suggest specific prospects for further growth. The traders are encouraged to wait and seek a clearer breakout or breakdown before making any meaningful moves.
Read More: XRP Faces Major Support Test: Will the Price Hold or Drop to $1.79?
