At the time of writing, XRP is trading up just over 40% at its current price of $0.64. This marks a massive rise from its recent lows of $0.22 set just a few days ago. The likely catalysts for the XRP rally are the rise in unique addresses, buybacks from Ripple, airdrop token Spark for XRP holder,s and the possibility of a new product release.
As for where XRP could trend in the near-term, one analyst explained that he is closely watching for a move up towards $0.70, adding that it could even surge past this price.
“XRP: I still fully expect 60-70 cents before the airdrop if not higher.”
Analysts at Santiment, an on-chain analysis firm, said the single-day increase in active addresses was the largest since May 1. They tweeted:
? #Ripple‘s price skyrocketed +27% today, and the amount of unique addresses transacting on the $XRP network in a single day (24,408) was the highest output since May 1st. See what other metrics will foreshadow where price movement is heading from here. https://t.co/oHasvM3nJC pic.twitter.com/R45tMNn0O1
— Santiment (@santimentfeed) November 22, 2020
Analysts think that the coin could continue its ascent to the upside as it breaks key resistance levels. One trader recently commented on the cryptocurrency’s prospects against Bitcoin:
“There’s the confirmed breakout from the multi-month down trending channel. This entire rally started in a historically relevant demand area (blue circle) from which XRP has enjoyed exponential trend reversals.”
What seems poised to drive the cryptocurrency even higher in the weeks ahead is the entrance of retail entrants.
Where Bitcoin’s rally over the past few months has largely been driven by institutional players, retail investors are starting to re-enter the space.
This is most evident by the rallies in coins such as XRP, Nano, and other 2017-era coins that many say have lost their shine since the last bull market.
Read more:
- Ripple Finally Added Bank Of America To Its Network Member, XRP Price Recorded A Profit Of Nearly 80% In The Past Seven Days
- The Number Of New Account Activations On The XRP Ledger Has Hit A 1 Year High Of 4,224 Per Day