TLDR
- XRP Ledger daily transactions have increased to over 295,000, up from 35,000-40,000 in previous months
- For the first time in 12 years, more than 2,700 wallets now hold at least 1 million XRP
- XRP is currently trading at $2.23-$2.31, up 2.7-6.43% in the past 24 hours
- Trading volume has surged by 182-248%, with derivatives volume up nearly 300%
- XRP faces key resistance at $2.35, with potential targets at $2.57 and $3 if momentum continues
The XRP Ledger is experiencing a major uptick in network activity, suggesting growing interest in the cryptocurrency. According to blockchain analytics firm Santiment, daily active addresses on the XRP Ledger have averaged over 295,000 in the past week, representing a dramatic increase from the typical 35,000 to 40,000 addresses seen over the previous three months.
This surge in user engagement comes alongside a new milestone in whale accumulation. For the first time in the network’s 12-year history, there are now more than 2,700 wallets holding at least one million XRP tokens.
This increased participation from large holders may indicate growing confidence in XRP’s future prospects. Traditionally, whale accumulation is viewed as a positive sign in cryptocurrency markets, as these large players often have deeper insights and longer investment horizons.
Over the past seven days, XRP has traded in a range between $2.10 and $2.32. At press time, the token is valued at approximately $2.23-$2.31, representing a 2.7-6.43% increase in the last 24 hours.
Market activity has picked up substantially, with XRP recording a massive jump in trading volume – up between 182% and 248% according to different sources. The token’s market capitalization currently stands at around $135.65 billion, pushing its market dominance to nearly 4%.
Derivatives and Technical Analysis
Data from Coinglass reveals that while open interest has increased by 3% to $4.02 billion, derivatives volume has surged by nearly 300% to $9.57 billion. This pattern suggests a wave of short-term trading activity, with traders rapidly entering and exiting positions rather than building long-term positions.
From a technical perspective, XRP is showing mixed signals. The cryptocurrency is trading above important short-term moving averages, such as the 10-day and 20-day EMAs and SMAs, indicating modest upward momentum.
However, XRP faces bearish pressure from longer-term averages like the 50-day and 100-day EMAs. The 200-day exponential moving average provides support around the $2 level, while the 50-day EMA shows a slight bullish divergence above $2.25.
The Relative Strength Index (RSI) stands at 50.19, reflecting a neutral position. The token has moved out of oversold territory, which some analysts interpret as a positive sign. While the Awesome Oscillator remains in negative territory, other momentum indicators like the MACD and Stochastic RSI suggest limited volatility.
Price Targets and Outlook
XRP is currently in a consolidation phase, with price action centered around the middle of its Bollinger Bands. This pattern, combined with increased volume, suggests the market may be preparing for a stronger move once either bulls or bears gain control.
The immediate resistance level for XRP is $2.35. If buying pressure continues and the token breaks above this threshold, the next resistance zones would be around $2.57 and $3. Some analysts suggest that sustained momentum could potentially drive XRP toward its all-time high of $3.40.
On the downside, a drop below $2.20 might test support levels near $2.14, $2.08, $2, and $1.94. The direction of the next major move remains uncertain, but the increased ledger activity and record number of large XRP holders suggest growing market interest.
XRP is trading at $2.31, up 6.43% over the past day, with trading volume increased by 182.43% and market capitalization at $135.65 billion.
