XRP active addresses have soared to highest levels since April 2023, reaching 627,000 following SEC’s decision to end the lawsuit against Ripple Labs.
By Parth Dubey
Updated
3 mins read
The XRP XRP $2.39 24h volatility: 1.2% Market cap: $139.00 B Vol. 24h: $3.01 B network has been buzzing with activity, hinting at a potential rally in the coming weeks as crypto analysts unveiled bullish targets.
Analyst Ali Martinez recently highlighted that the XRP network recorded nearly 627,000 active addresses, marking the highest level since April 2023.
Martinez’s chart reveals that XRP’s active address count has surged over 400% since February. Historically, such spikes in network activity often precede major price movements, as they indicate increased demand and transactional volume.
Coupled with the recent SEC decision to drop its lawsuit against Ripple Labs, this uptick in activity may suggest that investors are positioning themselves for a bullish breakout.
The whale activity has been instrumental in shaping XRP price action. Large holders, particularly those holding between 1 million to 10 million XRP, have increased their holdings by 10% in the past two months.
This accumulation phase has brought their total holdings to 5.81 billion XRP, valued at approximately $14 billion.
Interestingly, despite the recent price rise, XRP’s Dormant Circulation data suggests that long-term holders have refrained from significant selling. Also, Ripple CEO Brad Garlinghouse revealed bullish plans for 2025, which could also push XRP higher.
Crypto analyst EGRAG CRYPTO has reaffirmed his bullish outlook on XRP, projecting a potential rally to an astounding $130. He noted that very few people truly understand the magnitude of XRP’s upcoming rally.
Previously, he highlighted $130 as a key macro target, suggesting that the altcoin is on the verge of entering its most explosive phase.
EGRAG CRYPTO also outlined short- and mid-term price targets for XRP. According to his analysis, a close above $2.66 will be a crucial milestone, followed by another close above $2.97, which would confirm a bullish trend.
The most important confirmation will come if XRP closes above $3.40, its current all-time high (ATH). If this level is breached, EGRAG CRYPTO expects XRP to target a price range of $5 to $8 in the mid-term.
Crypto analyst CasiTrades supports this bullish outlook, emphasizing that as long as XRP maintains its channel structure and does not break below $2.40, a push toward $2.65–$2.70 is likely.
The next major resistance level to flip into support is at $2.70, which would pave the way for further gains. She also warned that failure to break resistance at $2.45 could lead to a dip to the 0.618 retracement level at $2.36.
As per the chart below, XRP’s Relative Strength Index (RSI) reads 50.54 which means that the bulls and the bears are evenly matched, suggesting that a short-term correction may occur before the next leg up.
XRP recently tested the upper band of its Bollinger Bands, but failed to break above this resistance at $2.74. A breakout above the upper band, combined with strong trading volume, could confirm a sustained uptrend.
However, if the price falls below the mid-band support at $2.40, it may present a buying opportunity, provided the support at lower Band ($1.99) holds.
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A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.