Data shows that there has been an increase in the number of active addresses on the XRP network. Based on historical patterns and previous occurrences, there is a likelihood that XRP price action could drift into a massive uptrend in the coming weeks. Meanwhile, the sixth-largest cryptocurrency by market capitalization is changing hands at $0.4799 and down by 1.17% over the past 24 hours at the time of writing.
Despite XRP’s failure to capitalize on the latest crypto market-wide rally fueled by the flurry of Bitcoin exchange-traded fund (ETF) filings to breakout above the longstanding $0.51 resistance level, a renowned analyst Ali speculates an XRP price rally is imminent.
Read Also: Crypto Strategist Ali Martinez Reveals Most Accurate XRP Price Predictor
Per a Monday tweet, Ali noted that there is a correlation between the price action of XRP and the network’s active addresses, citing data on the top blockchain analytic platform Santiment. The analyst who expects history to be repeated noted that XRP price tends to surge when active addresses on the crypto network record an increase.
To further buttress this fact, he wrote that XRP’s last three rally scenarios occurred shortly after XRP’s active addresses increased. He wrote, “The last three instances XRP price jumped were preceded by a spike in the number of active XRP addresses.
The last three instances $XRP price jumped were preceded by a spike in the number of active #XRP addresses.
On-chain data from @santimentfeed has recorded a spike in network activity over the past few days. Could history repeat itself? pic.twitter.com/XoJAFsDuvo
— Ali (@ali_charts) June 26, 2023
Santiment’s “XRP Active Addresses 24H” chart corroborates this claim. Per the chart, XRP saw a massive increase in daily active addresses on the following days — January 6, January 7, and January 11, 2023. Subsequently, XRP, which was trading around $0.33 on these days, rallied to a high of $0.423 on Jan. 24.
Read Also: XRP Lawsuit: New Deadline for Unsealing of Hinman Documents Approved by the Court: Details
XRP Active Addresses Increase: Implications
Drawing attention to data on Santiment, Ali disclosed that there has been a spike in activity on the XRP network in the last couple of days. Notably, daily active addresses on the XRP network rose to 142,000 on June 23. On June 24, it increased further to 147,000 while it dropped slightly to 135,000 on June 25. But it gained momentum again on June 26 to hit 144,000 active XRP addresses.
Considering past occurrences in terms of increases in active XRP addresses and asset price increases, the top analyst questioned the possibility of repetition in historical patterns. He wrote, “On-chain data from Santiment has recorded a spike in network activity over the past few days. Could history repeat itself?”
Follow us on Twitter, Facebook, Telegram, and Google News
