Ripple (XRP) saw a holiday boost this week, rallying over 5% on Christmas Day as the crypto market sprang back to life. The XRP price hit a high of around $0.65, its highest level in over a month. However, on-chain data indicates strong network growth for XRP recently, fueling optimism about further upside.
XRP is trading at $0.63 at press time, up close to 8% over the past 30 days. The sixth-largest cryptocurrency by market cap has outperformed Bitcoin and the broader crypto market amid growing bullish sentiment.
Also read: VeChain New Year Price Prediction: How High Can VET Go?
A key factor driving enthusiasm is the spike in new users on the XRP ledger network. According to on-chain analytics firm Santiment, a whopping 12,819 new XRP wallets were created on Monday alone.
New Ripple User Growth Key Catalyst
The last time XRP saw similar growth in new wallet addresses was in late December last year. At the time, XRP prices had rallied by over 15% in just three days following the heightened network activity.
XRP’s network growth metric tracks the number of new wallet addresses being created daily, seen as a proxy for how fast its ecosystem is attracting new users. More new users tend to boost XRP’s market demand and trading volumes.
Also read: Shiba Inu: Who Owns The Highest Number of SHIB Coins?
XRP prices have already bounced firmly off support around the $0.59–0.62 area thanks to the spike in retail interest. Its relative strength index (RSI), a momentum indicator, also shows ample room for further upside.
For prices to maintain the bullish trajectory, Ripple XRP bulls need to reclaim immediate resistance around $0.67. This could open the door for prices to challenge XRP’s November highs near $0.80.
However, failure to build on the recent gains could see XRP slip back towards the $0.59 support zone, according to analysts. Broader crypto market winds will likely dictate near-term price action.
Credit: Source link
