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On-chain and on the market, XRP is exhibiting encouraging trends that could indicate a change in sentiment. Bullish momentum is evident from the price's recent break through the descending trendline resistance. With crucial support forming at $2.34, the price of XRP is currently up more than 2% in the last day to about $2.59. As long as bullish sentiment persists, a possible rally toward $3 or higher might occur.
Metrics on-chain show some intriguing patterns. Daily new account creation is approaching levels last observed during XRP's peak bull market above $3, and the number of newly activated accounts is increasing. This suggests that both institutional and retail investors are showing renewed interest in the asset. Additionally, due to increased network activity and transaction demand, the average number of transactions per ledger has been rising steadily.
With an average of 120 to 150 transactions per ledger, the network is currently exhibiting a healthy level of usage, which is essential for price stability and long-term viability. But things are not entirely clear yet. The psychological level of resistance at $3 is still a significant obstacle.
Yuri MolchanA decline toward $2.34 or even $2.16 may ensue if XRP is unable to break this. The price chart's RSI indicators indicate a slightly overbought situation, which advises traders to exercise caution when attempting to enter new positions at these levels. XRP is in a strong position right now thanks to bullish price action and improving on-chain activity. There is a case for additional growth given the resurgence of network demand and positive sentiment.
To properly manage their expectations and strategies, traders should keep a close eye on important levels such as $3 (resistance) and $2.34 (support). XRP might return to its $3 peak if the momentum continues, but any stalling might result in brief consolidation.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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