Key Takeaways
- XRP trades above $1.5, building strong bullish momentum, as on-chain indicators point to further upside potential.
- Active addresses for the crypto asset are increasing, according to Santiment’s analytical tool, suggesting the price could see a strong market rally in the coming weeks.
- A crypto expert has suggested the price of XRP could rally higher following a recent breakout from a key bullish price structure.
The cryptocurrency market is in strong market buzz since the market opened this week, as Bitcoin rallied to a high of $75,500 in the last few hours, and the likes of XRP are trading higher following its price to $1.6.
This recent price rally has attracted significant interest, yet some traders and analysts remain unconvinced that the market will reverse to the upside. While this is true in the long term, the currency’s short-term price action is encouraging.
Current price action in XRP could see it attempt a rally towards $2 if the market maintains its bullish momentum, as on-chain indicators and data point to strong short-term bullish interest in XRP.
Why is XRP Price Going Up Today
Source – XRP On-chain Active Addresses from Santiment
XRP price has gained strong bullish momentum to the upside following recent activity on the XRP Ledger, which now has more than 7.7M holders (non-empty wallets) for the first time in its 13+ year history, as its usage continues to grow. Additionally, Monday closed with a 5-week high of 46,767 active addresses as $XRP’s price jumped by 14% over the 48 hours, breaching $1.60.
These activities, according to Santiment’s analytical dashboard, suggest renewed interest by traders and investors looking to build a strong bullish position to the upside. Further data from Coinbase suggests users’ activity is on the high side, which could positively impact its price.
Crypto trader Dom on his X account highlighted renewed interest on the Coinbase platform for XRP, noting that the price could build on its current price action to the upside. Is there a chance the XRP price could hit a key milestone above $2 in the coming days, as crypto experts share a new price outlook?
XRP to $2.2 in the Coming Day – Crypto Expert
Ali Marinez, a crypto expert, has suggested the price of XRP broke out of its range, building on its current price action as the crypto asset could continue to trade to the upside in the coming days towards a region of $2.2.
If the price of XRP maintains its price action as demonstrated at the start of the week, it could see a price rally. While the short-term price of XRP looks strong, traders and investors need to remain cautious when looking for long-term price action for crypto assets.
FAQs
How do conflicts in the Middle East affect the oil industry?
The Middle East conflict has led to oil scarcity, with the recent US-Iran war closing the Strait of Hormuz, through which 20% of the world’s oil supply passes, triggering a global spike in oil prices.
How much BTC does Iran hold?
There are no exact figures yet, but Iran has been conducting many transactions and mining activities with Bitcoin lately, despite the recent US-Iran war.
Will the Iran War affect crypto?
The crypto market has experienced a crash in the last few hours amid the US-Iran war, as US President Donald Trump hints at a combat operation. The crypto market could see a significant crash on Monday when it opens.
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