- XRP has dropped to the fourth position in the crypto market despite a 5% surge.
- The number of active XRP addresses have soared from 74,589 to 462,650.
- Analyst Dom said that XRP is attempting to break its “largest resistance in history” against ETH.
XRP has slipped to the fourth position in the market from its earlier third place. This is despite a significant 5.02% increase in the past 24 hours.
Data from CoinMarketCap shows the digital asset trading at $2.44 with a strong trading volume of $9.67 billion.
Active XRP Addresses Up 620% in a Week
Well-known analyst Ali Martinez highlighted a key on-chain development in a post on X: the number of active XRP addresses is up 620% in the past week. This jumped from 74,589 to 462,650, as shown in the chart below.
XRP Faces “Largest Resistance in History” Against ETH
Crypto analyst Dom has identified a critical technical setup for XRP. According to Dom, XRP is trying to overcome its “largest resistance in history” when measured against Ethereum (ETH). This resistance level has historically defined XRP’s price action. In past cycles, each time XRP has successfully surpassed this resistance, it has gone parabolic. This led to gains of at least 160%.
Dom stated, “Even half of that move would be enough for XRP to flip ETH in market capitalization.” The analyst dived deeper into the past market cycles which suggest that whenever XRP surpasses this resistance, a sharp rally follows.
Historical Breakouts Suggest Potential for Major XRP Surge
The chart displays similar breakout moments in early 2017, late 2017, and 2018. Each instance led to large price surges.
If history repeats, XRP could be ready for a major breakout. This could see it surpass Ethereum’s market cap.
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XRP Price Analysis: Volatility & Potential 160% Rally
Analyzing XRP Price: XRP has seen extreme volatility over the past week. It has fluctuated between $1.90 and $3.00.
However, given its current recovery, market analysts predict that the altcoin could see a further 160% rally. This could solidify its position as a top-tier cryptocurrency.
RSI & Bollinger Bands Signal Potential Bullish Momentum
The Relative Strength Index (RSI) for the XRP price action stands at 43.42. This suggests that XRP could approach oversold conditions. A bounce from these levels could signal renewed buying momentum. This could potentially lead to a sharp upward movement.
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The Bollinger Bands indicate that XRP’s price is consolidating near a key support level. Should the price manage to break above the upper BB band ($2.95), it could start a new bullish wave toward the next resistance levels.
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