Will XRP Price Follow?
TL;DR
- XRP is on the verge of a major milestone, signaling that adoption will increase and attract investor interest.
- Analyst optimism points to a potential price increase for XRP, with expectations of breaking a key resistance level.
While it may not be performing as well as other cryptocurrencies, ripple‘s XRP is close to hitting a major milestone.
According to this XRPL ServicesThe total amount of XRP tokens held in accounts is just south of the 60 billion mark (equivalent to over $37 billion at current rates). This figure represents approximately 60% of the asset’s total supply.
The number of addresses with a balance of zero is 1,595, meaning the stash has been distributed to fewer than 5.1 million accounts. Remember there is a level of 5 million exceeded at the beginning of the year.
Other figures such as XRP payment volume from one account to another and newly activated accounts are also I witnessed a bit of a revival. However, transactions processed and the average number of transactions per ledger remain well below peak levels.
Increasing XRP adoption could lead to increased liquidity, meaning large transactions can occur without a significant impact on valuation.
It can also increase the cryptocurrency’s reputation among the public. These factors could attract more retail and institutional investors and possibly trigger a price increase.
Many analysts are optimistic that the coming months will be quite beneficial for XRP. User X Dark Defender recently observed Certain indicators such as MACD (Moving Average Convergence Divergence) and Ichimoku will determine a price tag above $1 reached in early April.
Alex Cobb also joined to dispute We think XRP could rise to a new all-time high in the near future if it breaks the key resistance level around $0.63.
For those who want to check out which seven signs indicate that the asset’s value could be poised for a serious rise this year, feel free to watch our exclusive video below:
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