XRP Price Analysis : Heading Towards an Explosion or a New Drop ?
Currently trading at $2.25, XRP has increased by 3.8% over the last day. With a 24-hour trading volume of $2.65 billion, representing a nearly 180% rise from the previous day, investors seem to be showing growing interest in this cryptocurrency.
Coinglass data also reveals a significant increase in XRP futures contracts activity. The XRP futures contract volume has indeed surged by 201.98% to reach $4.82 billion.
This buzz in the derivatives market could support short-term price movements in both directions, as it indicates that more traders are opening positions and betting on persistent volatility.
Blockchain Alert Signals
However, not all signals are positive. According to XRP Scan data, on-chain activity is declining, raising concerns about the sustainability of this recovery. On June 8, there were only about 600,000 account payments, down from nearly 900,000 at the beginning of the month. Likewise, the number of transactions has decreased, dropping from about 1.5 million at the start of June to just over 1.1 million in recent days.
The number of active addresses has also dropped below 20,000. These metrics, reflecting user engagement and the utility of the XRP network, indicate that demand on the network is weakening, despite the price increase.
Technical Analysis and Outlook
From a technical perspective, XRP has managed to stay above a critical support level near $2.08. After reclaiming this zone recently, the price is now testing the mid-range of the Bollinger Bands at around $2.25. A breakthrough at this level could pave the way towards the upper band at $2.42.
Furthermore, XRP has successfully bounced off its trendline at $2.16, indicating buyers’ influence on the price. The 4H chart and the Mean Reversion Channel suggest a potential target of $2.50 in the coming weeks if the bullish structure remains intact and holds above these $2 levels.
Although the trend is bullish after a rebound from oversold levels, the relative strength index is still neutral, close to 50. If momentum picks up, bulls could even target a return to the resistance zone of $2.60 to $2.65.
However, a failure to maintain the $2.16 level could lead to a retest of $2.08, and a break below this level could reveal a range of $2.05 to $2.00. As long as the on-chain indicators do not reverse, price gains could remain fragile, even as short-term momentum strengthens.
This analysis highlights the nuanced dynamics of XRP, between renewed investor interest and signs of weakness on the blockchain. While the short-term technical outlook is positive, investors will need to closely monitor on-chain metrics to assess the strength of this recovery. Improvement in XRP network activity will be critical to sustain price gains in the long run.
On the other hand, XRP could be gearing up for a more than 10% increase in the coming weeks if buyer volumes hold up. Currently, the daily CMF remains negative, so it will be crucial to monitor volumes in the days ahead.
How to Buy XRP on Bitget ?
To invest in XRP, Bitget is the most reliable and user-friendly platform. Follow these simple steps:
- Sign Up: Create an account on the Bitget website or mobile app.
- Verify Your Identity: Complete the KYC verification to secure your account.
- Deposit Funds: Transfer fiat currencies (USD, EUR, etc.) or cryptocurrencies (BTC, USDT) to your Bitget wallet.
- Buy the Token: Go to the spot market, select the XRP/USDT pair or other, and place a buy order.
