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The XRP price has been gaining ground against Bitcoin in recent days, signaling a potential shift in market dynamics. At the time of writing, XRP was up in its Bitcoin pairing to $0.0000255.
Since rebounding from lows of $0.00002345 in its Bitcoin pairing on Feb. 7, XRP has steadily gained ground against Bitcoin. Since this date, XRP has spent six out of seven days in the green in its Bitcoin pairing and is poised to post four consecutive days of gains since Feb. 9.
Even as the broader crypto market faces lackluster price action, XRP's network continues to expand, demonstrating independent momentum.
According to on-chain data from Santiment, XRP and Ethereum have seen continuous growth in active wallets, while Bitcoin has been declining.
Tomiwabold OlajideOver the last three weeks, Bitcoin has lost around 277,240 non-empty wallets, indicating a decrease in retail activity. This stands in stark contrast to XRP's growth, which is seeing an increase in the number of wallets. The number of XRPL wallets has already surpassed 6.1 million, indicating growth.
According to data from XRPL Services, a popular XRP Ledger explorer, the account count on XRP Ledger currently stands at 6,148,640. These accounts hold 62,548,555,242 XRP. Accounts with a zero balance number 3,503.
XRP to $15?
Ali, a crypto analyst, has hinted at the possibility of a massive surge for XRP if a symmetrical triangle pattern breakout on its charts is fully validated.
"If this is a symmetrical triangle, XRP has broken out and is targeting $15," Ali wrote in a recent tweet. At press time, XRP was up 0.81% to $2.44 amid the recent lull on the markets.
Since Feb. 4, XRP has been trading below the daily moving average of 50 at $2.63; nonetheless, the bulls have managed to retain the price above $2.26.
This has resulted in a tight range between $2.26 and $2.54, reflecting hesitation among bulls and bears. If the price falls below $2.26, it indicates that bears have taken control. XRP may fall to the major support level of $1.90.
Alternatively, a break and close above the daily SMA 50 indicates that the bulls have absorbed the supply. That clears the way for a probable upward move to $2.91, where the bears are expected to enter.
Vladislav Sopov
Godfrey Benjamin
Dan Burgin