What to know:
- XRP is trading at $1.42, having dropped by 3.36% on a 24-hour basis.
- According to Santiment, there were 48,453 active addresses and 3,317 new addresses after the breakout of $1.54.
- XRP is oscillating between $1.3671 support and $1.5625 resistance, with a potential upside target of $1.9980.
XRP price has experienced a temporary pullback while still trading in a consolidation range, amid market indecision. Despite recent weakness, network activity is increasing after an initial short-lived upside move in the previous week.
Currently, XRP is trading around $1.42, reflecting a 3.36% decline over the past 24 hours. The asset had a trading volume of $3.03 billion, a market cap of $87.50 billion, and a market dominance of 3.34%. Despite experiencing a temporary pullback, recent on-chain activities show a significant surge in network activity after a temporary price break above $1.54.
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XRP Price Saw Breakout Above $1.54 Level
According to the latest intelligence report from Santiment, there was a notable boost in XRP network activity after the crypto asset broke out of the $1.54 mark. It shows that there were about 48,453 active addresses within a day, which was the highest in four months since March 30.
In addition, there were 3,317 new addresses, which showed strong network activity since March 19. These surges indicate higher engagement with the XRP ledger during the recent price expansion phase. Most of these rises are associated with increased interest during the rally, where many users engage with the network.
While short-term price rallies might be driven by short-lived hype, higher transaction volumes are seen to support long-term value creation, due to greater blockchain usage.
XRP Support Breakdown Risks Further Decline
Based on technical analysis, XRP has been moving sideways for about five weeks. The asset is contained between a $1.3671 support level and a $1.5625 resistance level, creating a tight range. This setup shows a neutral phase, where neither buyers nor sellers have taken full control.
Momentum signals remain mixed. The MACD indicator is still slightly positive, showing some underlying strength, while the Stochastic indicator is starting to turn downward, hinting that upward pressure is slowing. This combination suggests the market is waiting for a clear breakout direction.
In case of an upside breakout above $1.5625, a bullish rally towards $1.9980 and $2.3519 is expected. On the contrary, if the XRP price breaks down below the $1.3671 mark, further downside targets of $1.2695, $1.1718, and $1.0742 are expected.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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