XRP shows positive signs: price could go to $2.50?
XRP is trading slightly down by 1.2% this Tuesday (29). Nevertheless, the cryptocurrency has accumulated an appreciation of about 9.0% in the last week. The token is recording its highest price range of the month, raising expectations for new highs before the end of April.
Ripple's native token is nearing the resistance of $2.30, currently priced at $2.29 at the time of writing this article.
Despite the volatility of the crypto market, various factors indicate a continuation of the upward trend to $2.50. Understand, below, what drives this outlook.
XRP shows positive on-chain signals
XRP presents positive signals from an on-chain perspective. Today, the XRP Ledger recorded over 3,600 new addresses, the highest number in two weeks, according to data from Glassnode.
This growth is significant because it indicates the entry of new participants into the market.
The arrival of new users usually increases liquidity and strengthens buying pressure. This movement, in turn, can help XRP sustain its upward trend.
Additionally, the number of long-term holders reached a new annual high. These investors hold their tokens for more than 150 days, which reduces selling pressure in the market.
Another piece of data that reinforces this view comes from the Spot Inflow/Outflow of Coinglass. It shows that more XRP is being withdrawn from exchanges than sent to them. This movement reduces the circulating supply and usually drives prices up.
Source: Criptofacil