Analyst Says 3 Possible XRP Price Trajectories As XRPL Activity Explodes
XRP price is showing signs of recovery after breaking above the $1.4 resistance that has been holding it down for weeks. As the cryptocurrency tries to climb even higher, market analysts remain divided on its next move, describing three possible price paths. At the same time, the XRP Ledger (XRPL) is risingwith ecosystem use reaching new levels. This increase in on-chain activity is helping to generate new optimism and may play a key role in supporting XRP’s upward momentum.
Analyst Reveals Three Scenarios for XRP Price
A crypto market analyst known as Bird on X has it laid out three possible scenarios for the price of XRP as the cryptocurrency is trading at around $1.52 at the time of analysis. Anyway you experience great repetition this week, XRP gave up most of those gains and is now back at $1.46, representing a 4% drop in the last 24 hours, according to CoinMarketCap.
On his 4-hour chart, Nyoni shows that XRP has been grinding sideways since the beginning of February, with the price of XRP respecting the downward trend line that has caught each recovery attempt. This line, based on January highs near $1.85 to $1.45 in March, has now been completely broken, and the price is headed for $1.60 before pulling back.
After this reversal, XRP is now testing the upper boundary of a clearly defined range that has held between $1.15 and $1.55 for weeks. Bird marks this area as a purple rectangle on the chart, showing the wide range of accumulations where bulls and bears have been fighting.
With XRP now in a key volatility zone, Bird outlined three potential trends shaping the market’s current position. The first condition points to a a deep retreat sweeping recent declines before any significant rally takes place. The second trajectory sees XRP rise to $1.80 before entering another long-term sideways trend that lasts for months.
A third and more optimistic scenario suggests that XRP’s correction phase may endwith cryptocurrency now positioned at a The bullish trend is high without revisiting the lower levels. Bird made his preferences clear, saying he hopes XRP takes a third path.
In support of the bullish case, the analyst also pointed out the remarkable uptick in on-chain activity across the XRP Ledger, as well as new news and stories starting to spread about the project. He also flagged the time close to St. John’s Day. Patrick’s Day on March 21 as a calendar trigger that could drive near-term momentum.
XRP Ledger Passes 7.7 Million Owners
Expanding on the recent rise of XRP Ledger, data from crypto analytics platform Santiment revealed that XRPL has over 7.7 million owners for the first time since its 13-year history, as network participation continues to accelerate at a remarkable pace.
The climax came with a powerful explosion addresses are active every day. On March 16, active funds reached 46,767, the highest level since February 12 and representing a five-week high in network engagement. The spike in activity also coincided with the price of XRP jumping more than 14% during the 48-hour window, pushing the cryptocurrency above $1.60.
The featured image was created with Dall.E, a chart from Tradingview.com
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