Santiment, the blockchain analytics platform, has reported that XRPLedger has achieved a significant milestone with a staggering 5.02 million distinct wallets now holding more than 0 $XRP coins. It marks a historic moment in the cryptocurrency’s decade-long journey in the public trading sphere.
Currently positioned as the sixth-largest asset in the cryptocurrency market by market capitalization, it has witnessed an impressive surge in its user base over the past three years. The number of XRP wallets has more than doubled, experiencing a remarkable growth rate of 104%.
This surge in wallet numbers indicates the expanding reach and influence of the XRPLedger network, highlighting its increasing popularity among cryptocurrency enthusiasts and investors alike. The growth underscores the network’s resilience and adaptability in an ever-evolving market.
XRP Price Analysis
While the number of wallets on the XRPLedger platform is on the rise, the coin has experienced a notable correction in its price. After reaching a peak of $0.64 on the first day of 2024, the coin underwent a 19% correction, bringing its value down to the $0.50 range. It has rebounded slightly, reaching $0.5297 with a 2.80% increase.
Dark Defender, a prominent analyst, suggests that the coin is currently oversold on the Daily RSI Indicator, ranging between $0.5286 and $0.4623 in the daily time frame. These levels have historically served as crucial points for reversals, as highlighted in green on the chart.
Dark Defender emphasizes the application of the 3-day rule and points out that today marks the third day, signaling a re-test of the Fibonacci Level at $0.52. Failure to break this level could lead to a consideration of the $0.4623 support.
Adding to the analysis, EGRAG CRYPTO uses a measuring move guideline to focus on the 21 EMA Monthly Time Frame for the coin. The guideline assesses the movement of XRP’s price concerning its position relative to the 21 EMA.
EGRAG CRYPTO provides potential scenarios based on previous instances, projecting significant percentage increases for XRP:
- A) $27 – an impressive 4500% jump
- B) $6.5 – a solid 1000% increase
- C) $3.5 – a remarkable 500% rise
However, the cryptocurrency community eagerly awaits the outcome of XRP’s price movements, with analysts predicting potential bullish scenarios in the coming days and weeks.
