Can price be free from resistance?
XRP network activity reached a new high of 12,230 active sending addresses, the highest in six months. Q4 looks bullish as predicted and XRP is making some out-of-the-box jumps to sustain its Ripple vs SEC losses. Here's one analyst who believes XRP could rise from the ashes. Read it!
Price is stuck at resistance, but market sentiment is building.
According to analyst JA_Maartun, this increase shows that momentum is returning to the XRP blockchain, as new demand for the token boosts daily activity. This strong participation indicates not only an improved sentiment for XRP in particular, but also a broader interest to return to the crypto market. Active participants on the network help increase the overall utility of the blockchain, which is critical to increasing its intrinsic value.
XRP current market situation
Currently, the price of XRP is hovering around $0.5293, representing a decline of 0.77%, continuing the resistance from early October. The index of fear and greed stands at 69, putting the market in the “greed” state, which often leads to high price fluctuations. Over the past 30 days, XRP has seen 47% of trading days in the green, despite a price volatility of 5.84%. This figure underlines the market's enthusiasm for XRP, although analysts are still cautious about overextended tokens and price-resistant investments.
Analyst Weighs in on XRP's Potential
Based on valuations, XRP has a market cap of $30 billion and sees promising long-term price targets from analysts. XRP forecasts range from $0.75 to $0.86 in the next few months, with most analysts tipping for upside potential. Crypto analyst Dark Defender predicts a 27% rise in XRP price to $0.86 if the momentum continues. From a technical perspective, the path to this target is challenging but achievable.
Looking forward!
XRP is mainly stuck in trouble due to the ongoing Ripple vs SEC case. The overall XRP price scenario is consolidating on an issue that is plaguing XRP's long-term growth. However, Ripple's CEO Brad Garlinghouse has expressed his optimism about launching an ETF based on XRP, a move that could greatly expand XRP's exposure if approved. However, analysts note that until these legal concerns are addressed, many investors may remain hesitant.
