XRP us showing strong bullish signals significant increases in daily active addresses and open interest hinting at a potential price surge. The cryptocurrency has seen a substantial uptick in on-chain activity, leading many analysts to predict a retest of previous highs and even a move towards the ambitious $10 mark.
Surging On-Chain Activity Fuels Bullish Sentiment
Recent data reveals a remarkable surge in XRP’s daily active addresses. Within a 24-hour period, the number of addresses interacting with the XRP blockchain skyrocketed by an astounding 1,609%, jumping from 32,000 to 547,000.
This dramatic increase suggests a renewed wave of interest from both retail and institutional investors, possibly influenced by Ripple’s growing partnerships, such as with Japan’s Web3 Salon.
Furthermore, investor optimism is evident in the futures market, with a massive 1.85 billion XRP committed to futures contracts. This surge in open interest indicates that traders are increasingly anticipating a bullish rally, pushing XRP’s price from a recent low of $2.25 to a peak of $2.33.
Daily transaction volumes have also seen a significant boost, rising by 800 million.
Eyeing Key Price Targets and Potential Catalysts
While XRP currently trades around $2.28, analysts are closely watching for a breakout from its multi-month consolidation phase.
One prominent analyst, EGRAG CRYPTO, envisions a substantial rally that could propel XRP to as high as $27. This optimistic forecast draws parallels to historical market movements, suggesting a tactical flexibility and rapid growth potential for XRP.#XRPBreakout