A discernible pattern in the activity of daily active addresses might indicate that the native token of the $XRP Ledger, XRP, is setting the stage for a significant price pump. The pattern has seemingly been spotted on multiple occasions in the past, leading to notable spikes.
Despite failing to take advantage of the recent widespread market rally to solidify its position above the $0.50 mark, XRP has shown signs that it could be preparing for a significant price increase.
According to popular cryptocurrency analyst Ali Martinez, who examined XRP’s daily active addresses based on data from Santiment, the last three XRP price pumps were preceded by notable spikes in the asset’s address activity.
Per the data the analyst shared, XRP saw a significant increase in daily active addresses on January 6, 7, and 11 when it was trading slightly above the $0.3 mark. These observable spikes in daily address activity were immediately followed by a substantial increase in the value of XRP.
Additionally, the most prominent pump that XRP experienced this year occurred in March, following a significant surge in active addresses. On March 20, the number of active addresses jumped to an impressive 872,000. In the days following this increase, XRP’s value recorded a 48% increase in a few days.
Over the last few days, as Ali highlights, XRP has seen the number of daily active addresses remain above the 130,000 mark, which suggests that, based on its historical pattern, its price could soon surge.
As CryptoGlobe reported, a popular crypto influencer and prominent Bitcoin advocate, Crypto Rover, has recently revealed he believes that $XRP is a “must hold for the next bull run,” and says he has invested $250,000 in the cryptocurrency over the past few weeks.
The tweet marks a departure from Crypto Rover’s traditional emphasis on Bitcoin, unveiling his latest venture into the alternative cryptocurrency market. The influencer expressed optimism about Ripple’s prospects in its ongoing legal battle, speculating that a victory could trigger a widespread ‘Fear of Missing Out’ (FOMO) phenomenon. This belief might be one of the key factors behind the Bitcoin maximalist’s unexpected advocacy for XRP.
Featured image via Pixabay.
Source: Read Full Article