The activity of the XRP network increases as the top trader turns bullish

The central theses

  • XRP’s price action appears to be hovering in a narrow range.
  • An out-of-pocket weekly closing price of $ 1.72 to $ 1.00 sets the direction of the trend.
  • Renowned analyst Peter Brandt appears bullish as activity in the chain explodes.

Share this article

XRP could continue its uptrend to new all-time highs after breaking the $ 1.17 resistance barrier.

XRP well positioned for new all-time highs

Ripple’s XRP token could be ready to make an uptrend.

According to the 40-year-old trade veteran Peter Brandt, the XRP price campaign is “constructive” ruled by a perennial head and shoulders pattern that has formed on the weekly chart.

This is possibly a constructive long term chart pic.twitter.com/byqGQOCfvc

– Peter Brandt (@PeterLBrandt) September 15, 2021

The sixth largest cryptocurrency by market capitalization soared a massive 230% in late March, marking the breakout of the consolidation pattern. Then, at $ 0.61, XRP returned to the head and shoulders to shake out some of the so-called “weak hands.”

Prices have bounced back above the $ 1.00 psychological level since July 20, when the asset is currently consolidating.

Source: TradingView

The Fibonacci retracement indicator, measured from the April 14 high of $ 1.96 to the June 22 low of $ 0.51, suggests that XRP is currently stuck in a tight range. The 61.8% Fibonacci retracement level at $ 1.17 acts as resistance while the 50% retracement level at $ 1.00 contains the price of a steep decline.

SIMETRI research

Sanctuary Hurricane Demo Day

A crucial weekly candlestick close above the overhead barrier could signal the resumption of the uptrend. Under such unique circumstances, XRP could enter a new uptrend to hit the head-and-shoulders target at $ 3.42.

Network activity explodes

In view of the increasing number of active addresses in the XRP network, the bullish thesis applies. About 6,700 addresses interact with the network, an increase of 394% from last week.

Daily active XRP addressesSource: Santiment

An increase in the number of active wallets is followed by rising prices. Still, it is imperative to wait for a sustained candle close outside the $ 1.72-1.00 price range to see where XRP is headed next.

Cutting through the resistance could push this token to new all-time highs, while a loss of the underlying support barrier could result in a correction to $ 0.85 or even $ 0.70.

The Phemex logo

This message was brought to you by Phemex, our preferred derivatives partner.

Phemex

Share this article

The information on or accessed through this website is obtained from independent sources that we believe to be accurate and reliable, but Decentral Media, Inc. makes no representations or warranties as to the currency, completeness, or accuracy of any information on it Website or its access via this website. Decentral Media, Inc. is not an investment advisor. We do not give personal investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be or become out of date, incomplete, or inaccurate. We may update outdated, incomplete, or inaccurate information, but we are under no obligation to do so.

You should never make an investment decision on an ICO, IEO or any other investment based on the information on this website, and you should never interpret the information on this website as investment advice or rely on it in any other way. We strongly encourage you to consult a licensed investment advisor or other qualified financial professional when seeking investment advice on an ICO, IEO or any other investment. We do not accept compensation in any form for any analysis or reporting on ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Ripple wants SEC members to uncover XRP holdings

Ripple’s legal team has filed a motion aimed at compelling SEC members to disclose their XRP holdings. SEC members may need to disclose their holdings if they are successful …

Ripple Whales return to drive XRP prices soar

Market participants rush into positions while cryptocurrencies soar to higher highs. XRP is one of the altcoins that took the lead in its most recent run, fueled by massive purchases …

Ripple CEO grants access to Binance XRP documents

Brad Garlinghouse, CEO of Ripple, has been tasked with collecting data on XRP transactions from Binance. Court Approves Request to Receive XRP Documents Ripple’s CEO Has Been …

What is a Crypto Airdrop: Why Projects Airdrop Crypto?

Crypto airdrops occur when new tokens are freely distributed to various wallets to fuel initial growth and build a community. They are a popular marketing tactic that new projects …

Comments are closed.