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.

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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

– 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.

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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.

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