$XRP price has set a new historical high for the second time this year, firmly placing it among the cryptocurrency giants. The current price is about 3.44 dollars, with a market cap soaring to 202 billion dollars, making significant strides towards the next target.
A new batch of XRP investors is driving this wave of increase.
The activity level of the XRP network has significantly increased, reaching its highest level in six months, primarily reflected in the number of new addresses and transaction volume.
The continuous growth of the network indicates that this altcoin is gaining more popularity in the market and its appeal is steadily increasing.
Recently, the number of new addresses has surged, indicating that more and more investors are starting to invest in XRP, with many possibly rushing in due to fear of missing out (FOMO).
The more people there are, the more active the network becomes, which naturally increases the demand for XRP, in turn driving its price higher.
Will the price of XRP continue to rise?
The current trading price of XRP is 3.44 dollars, marking a new high in over six months. This surge is mainly driven by the overall bullish sentiment in the market along with increasing interest from institutional investors.
With institutional backing, retail investors have also joined in, leading XRP to surpass USDT and become the third largest cryptocurrency by market capitalization, reaching 202 billion dollars.
The key target for XRP going forward is to break through 3.80 dollars. If it can hold this support level, there is hope for further efforts to reach the 4.00 dollar range, and the upward momentum can continue.
However, it is also important to note that many may choose to take profits after XRP hits a new historical high, which could lead to downward pressure on the price. Especially for investors who have waited so long, the likelihood of cashing out is high.
If there is indeed a pullback, XRP may drop to around 3.00 dollars to test support. If it falls below 3.00 dollars, the bullish outlook will be hindered, and the market may enter a phase of adjustment or consolidation.
