XRP’s struggling days are facing another challenge as the price has declined even more with the crypto market crash days ago. The Ripple native token long left its profiting days in 2021 and has barely survived in the market with constant community support. Otherwise, the Ripple vs SEC battle would have crushed the altcoin. With the recent XRP price drop to $0.3955, the holders are owed a deserving rally, and that might be happening right now as the token price has surged more than 3% in the last 24 hours.
In this blog, let us discuss why the XRP price is rising in the market today and what is coming next for the token between drop and surge.
XRP Price Target New Highs With Increased Network Activity
Since its drop to $0.3955, XRP price has recovered by 11% to $$0.4344, which is quite significant for such a losing crypto. Since its launch, XRP has spent most of its time undervalued and attacked by external factors, limiting its growth in the market. Despite that, it is among the top ten cryptocurrencies in the market, hinting at its strong command over the market. The recent surge is another prime example of XRP’s strong support system, a.k.a XRP community.
Talking of which, XRPscan reveals that the token has gained the highest number of daily executed transactions in months. As per the reports, the number of transactions has jumped past 2.3 million, the highest mark since February 2024. The reports also mentioned the surge in the average transaction amount on the network, indicating an increased network activity among investors.
Per the CoinmarketCap data, the 24-hour trading volume has also increased by 30% in the last 24 hours, currently at $1,325,023,216 Billion, indicating the same. It is because the adoption of the network might be triggering as Ripple does offer cross-border payment
options. The current 3% surge is here, thanks to these factors, and much more might come as the new inflow can trigger user sentiments, leading to new hikes for the XRP price.
With this, many crypto analysts have identified the possibility of the XRP price surging to months or even years highs. EGRAG CRYPTO, a crypto analyst, has predicted of XRP price rising to a new ATH at $18.22, whereas Dark Defender has spoken of history repeating itself and the XRP price rising to $9.50.
When you see, you see.
It was never easy for #XRP & will not be, but in the end,
History repeats itself.
Believe In Miracles? pic.twitter.com/BWz14ScY7X
— Dark Defender (@DefendDark) July 8, 2024
Many predictions have stormed the market with ongoing recovery, creating new hopes among investors for nullifying their losses over the years.
Technical Indicators Indicate Strong Selling Pressure On XRP
The exponential and simple moving averages over the 10,20, 3050,100 and 200 intervals put the XRP token in a strong selling position, which means the sellers are more likely to bring the value down. The MACD (12,24) level also indicates the Sell, which means the downward pull is higher on the token, which could lead to declines in the XRP price.
However, technical indicators like the Relative Strength Index, Average Directional Index (14), Williams Percent Range (14), and many other indicates the neutral marking, indicating the presence of both bulls and bears in the market. With Momentum (10) and Commodity Channel Index (20) indicating buy, the possibility of a price rise is also present.
If the token can bounce up the support of 0.40897 towards the pivot at 0.48719, the XRP price might see an uptrend. However, if the next candlestick moved down to the support, the price might face further declines.
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