Bitrabo Editorial
Ripple’s (XRP) price has increased by 20% from its recent low recorded on May 11, and the Ripple Ledger network is seeing an unprecedented level of user activity. After crossing the critical resistance of $0.50, people are wondering whether the bulls will push for more gains.
XRP’s price started rising from $0.42 on May 11 and crossed the critical resistance of $0.50 on May 30. However, the ongoing rally picked up momentum after network activity grew by over 2,600% on May 27.
Despite this increase in network activity and price pump of 20%, social sentiment surrounding Ripple-issued coins is still mostly negative. The current weighted sentiment, which evaluates the ratio of positive mentions to negatives, shows that a larger number of stakeholders are pessimistic and have not bought into the rally yet.
However, this negative trend in the sentiment has been on an upward path since May 27, indicating a possibility of more gains before a euphoric peak.
The XRP ledger network has recorded the second-largest volume of user activity ever this week. The daily active addresses jumped from 18,090 to 490,350 between May 26 and May 29, which represents a 2,600% increase in daily user activity.
XRP’s price surged by over 42% within ten days the last time it saw this much activity on March 19, 2023. Since this level of activity continues for three consecutive days this time, stakeholders who are bullish anticipate more price gains in the coming weeks.
XRP Price Prediction: Up Next $0.60?
XRP investors who bought their coins in the past month are already realizing 9% profits, according to Santiment’s Market-Value to Realized-Value (MVRV) data. Historical trading patterns suggest that investors held out for 26% gains before selling when XRP had built up bullish momentum last time. Therefore, XRP’s price could potentially even reach $0.59 before facing significant resistance.
The XRP price must first break beyond the sell-wall mounted by holders looking to book their 10% profits at $0.51 for it to achieve the target price of $0.60. Alternatively, a drop below $0.45 could negate the bullish narrative and send XRP slipping further towards the next significant support level of $0.40.
Disclaimer
This article is for informational purposes only and should not be considered as financial or investment advice. Bitrabo is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.