XRP has achieved an unprecedented milestone in address activity, as revealed by a recent analysis conducted by Santiment, an on-chain metrics platform. The analysis highlights that the XRP network has experienced its second and third-largest spikes in address activity in the past two days.
To provide context, an address is deemed active when it actively participates in a successful transaction, signifying increased engagement within the network. This latest surge sheds light on network activity’s continuous refinement and growth.
Notably, historical data indicates that whenever such significant inclines in address activity have been observed, the price of the XRP asset has also exhibited a corresponding increase. A noteworthy instance occurred in March when the network recorded its highest-ever activity spike. Subsequently, over the following 10 days, the asset’s price experienced a remarkable ascent of 45%.
XRP’s Price Surges Amid Positive Developments, Decouples from Altcoin Market Weakness
XRP has experienced a notable price increase recently, demonstrating its bullish momentum. Following the declaration by a judge regarding the production of documents related to Hinman, the price of XRP surged by 8%. Subsequently, fueled by other positive developments and victories, the asset continued its upward trend. On Tuesday, May 30, XRP remained in the green, positioning itself as the fourth-largest gainer in the market with a 4.5% increase.
It is worth highlighting that XRP has started to decouple from the broader altcoin market, which is currently grappling with weakness. While XRP remains positive, many other assets are hovering around the borderline of negative gains. Consequently, the overall crypto market cap experienced a slight 0.1% decline on a daily basis. Santiment, an analytics firm, acknowledged this decoupling trend, stating that there is a mild 4% divergence between XRP and the rest of the altcoin pack.
Furthermore, social sentiment surrounding XRP is notably strong, as evidenced by the asset’s trending status on platforms like Twitter. Data from LunarCrush also reveals a 30% increase in XRP’s social mentions and dominance over the past week, providing additional support for the growing narrative.
XRP Flips Resistance to Support
On the technical front, XRP has successfully transformed a major resistance level into support in the 4-hour timeframe. The price of the asset has been hindered by the $0.475 barrier since mid-May, but recent developments indicate a favorable outlook as it has now become a support level.
Compared to the low of $0.411 recorded on May 11, XRP has already experienced a significant increase of 21%. Notably, the daily chart of XRP showcases six consecutive green candles, highlighting the positive momentum. However, it is important to exercise caution as the XRP market appears to be gradually overheating. Indicators such as the RSI (Relative Strength Index) are currently overbought. This suggests the possibility of a brief pullback in the short term before potentially witnessing another upward movement.