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XRP eyeing ‘major price upswing’ on rapid network growth

XRP eyeing 'major price upswing' on rapid network growth

XRP (XRP) has staged several promising price rallies this year, driven by a mix of factors, including increasing user engagement, rising social interest, and positive developments in Ripple’s lawsuit against the US Securities and Exchange Commission (SEC). 

In that light, crypto expert Ali Martinez, also known as ali_charts on Twitter, pointed out a notable spike in the number of new XRP addresses on the Ripple blockchain. Strong network growth, according to Ali, is one of the key indicators of an asset’s future price direction. 

In other words, XRP may be about to witness a significant price leap. 

“Network growth is often considered one of the most accurate price predictors. Generally, a steady increase in the # of new addresses created on a given blockchain leads to a major price upswing.”

– Ali Martinez wrote on Twitter.
Chart showing the number of new XRP addresses. Source: Ali Martinez

More than 1,600 new XRP addresses in 3 weeks

Using the network growth chart metric on the blockchain behavior analytics platform Santiment, Ali highlighted a substantial surge in the number of new XRP addresses – from 974 in mid-May, to around 2,600 on Sunday, June 3.

While that shows considerable network growth, it still remains below the 3,360 new addresses reached on March 29, representing the highest figure in 2023 so far. 

In line with its network growth, XRP is also witnessing meaningful social volume growth this year. Notably, the crypto token experienced a 16.2% mention rate of all digital asset discussions on social media, representing its highest social volume in more than a year, with ‘XRP’ being the second-top trending crypto keyword. 

XRP price analysis

At press time, XRP was trading at $0.51, down more than 5.1% in the past 24 hours. The sudden price dip largely came due to the finance fallout that has impacted the broader crypto market. 

XRP 1-day price data. Source: Finbold

Over the past week, the sixth-largest cryptocurrency gained around 1% and nearly 10% in a month. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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