With bulls and bears still struggling for dominance in the cryptocurrency market, the XRP token has been no different, but certain on-chain indicators are currently favoring bullish sentiment for the asset, particularly the historical spikes in activity.
Specifically, a spike in the number of active XRP addresses has preceded the previous three instances in which the price of the cryptocurrency has jumped, according to the Santiment data and chart patterns shared in a tweet by crypto trading analyst Ali Martinez on June 26.
As Martinez pointed out, data from the crypto market intelligence platform has recorded a spike in network activity of XRP addresses over the past few days, indicating that history could repeat itself this time around as well.
XRP price analysis
As things stand, XRP is currently changing hands at the price of $0.4794, indicating a decline of 1.12% in the last 24 hours and a 1.23% drop across the previous seven days but still a 1.37% gain over the past month, according to the latest charts retrieved on June 27.
On June 18, pseudonymous crypto analyst Mags a.k.a. thescalpingpro, observed that XRP had “one of the cleanest setups so far” and that its “next stop would be $0.68 and higher” provided it managed to break past the critical resistance level of $0.55.
Meanwhile, the final outcome of the ongoing legal standoff between the United States Securities and Exchange Commission (SEC) and the blockchain company Ripple could ultimately have an effect on the price of XRP, considering that the crypto asset is at the center of this case.
It is also worth mentioning that Bitcoin (BTC) supporter Max Keiser is pessimistic about XRP’s future, having suggested that the SEC would eventually succeed in bringing down the token, which he referred to as a “Ponzi scheme,” and that the case “was never about the law,” as Finbold reported.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.