What to know:
- XRP surpasses 7.7 million wallets, signaling record adoption across its 13-year network history
- Active addresses hit a 5-week high as XRP price surges 14% above $1.60
- Analyst eyes potential breakout above $1.69 if key support levels hold.
XRP Ledger has exceeded 7.7 million non-empty wallets for the very first time in its 13 years of operation. As activity increases across global crypto markets, this marks another significant milestone.
According to data from Santiment on March 17th, the coin rose to a 5-week high for active users with 46,767 addresses. In addition, XRP saw a 14% jump in value over $1.60 in just 48 hours.
Additionally, data from TradingView indicated that XRP is currently trading within the $1.53 zone on the 4-hour timeframe, and holds above key technical support areas as traders wait for a possible breakout towards higher resistance zones.
Source: TradingView
Increasing Adoption Confirms Growing On-Chain Activity
Santiment reported that XRP’s consistent increase in the number of user addresses represents a positive sign of longer-term involvement from participants across the XRP network.
Additionally, the increase in active user addresses represents a significant increase in transaction volume, which is typically a reflection of increased liquidity and a more engaged community.
Historically, on-chain activity has correlated with price appreciation. This supports the view that the coin’s price movement is being driven by underlying growth in the network, rather than speculative price movements.
Also Read | XRP Near Key Resistance: Will $1.85 Be the Next Stop?
Changes in Exchange Supply
According to CryptoQuant, there is a significant change in XRP’s exchange supply. CryptoQuant analyst Arab Chain reported that Binance’s XRP reserves have reached nearly 2.8 billion, the largest amount since November.
While rising exchange reserves can be indicative of increased sell-side liquidity, it does not inherently mean that immediate selling pressure exists. Instead, the trend may represent changes in how assets are distributed among exchanges. It could also mean changes in trader positions, especially during times of increased market activity.
Source: CryptoQuant
Key Technical Support and Resistance Zones
From a technical standpoint, this coin maintains a bullish price structure on the 4-hour chart on TradingView, trading above the 200-period Exponential Moving Average (EMA).
Additionally, the 20-period and 50-period EMAs remain below the current XRP price. This continues to indicate a sustained momentum in the short-term and supports the larger bullish structure.
Source: TradingView
The RSI reading is near 71, which indicates that the token is overbought, and there may be short-term consolidation. Analyst CryptoGrim stated that XRP is possibly forming a Head & Shoulders formation between $1.52 and recent highs.
CryptoGrim listed potential support levels at $1.42-$1.48, and a potential breakout zone at $1.69. If the coin sustains the breakout above $1.69, it would potentially provide a pathway for additional price gains.
Source: X
Conversely, if this crypto asset fails to maintain the support levels, it could potentially trigger a temporary correction before continuing upward. It appears that the token is beginning to enter into a consolidation phase after the price surged so rapidly.
The volume remains relatively high throughout all trading sessions. This indicates that both retail and institutional investors continue to participate in the marketplace.
Why This Is Important
XRP’s increasing adoption and market structure converge at a critical juncture that will determine the direction of its next major price movement.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read | XRP Long-Term Path Shows Multi-Cycle Climb Toward $153 As Technical Signals Hint at Reversal
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