XRP Eyes $2.50 as New Demand and Stable Holding Fuel Upward Momentum
today / 09:43
XRP has experienced nearly a 10% weekly rise, trading at $2.28, as new market interest and a surge in new wallet addresses create a bullish setting amid a recovering broader market. Long-term holders have significantly reduced their selling activity, as indicated by a drop in the Liveliness metric, suggesting less market pressure from older coins. Technical indicators also favor the uptrend, with an RSI value at 60.10, implying that buying pressure currently outweighs selling pressure. Analysts note that if XRP breaks through the resistance at $2.29, it may reach the $2.50 target, although a resumption of selloffs could reverse gains. These developments, bolstered by credible on-chain data from Glassnode and supportive technical signals from TradingView, underpin a positive outlook for XRP in both the short and long term.
The news presents a positive sentiment for XRP, driven by a nearly 10% price increase over the past week, an influx of new trading addresses, and reduced selling from long-term holders as reflected by a low Liveliness metric. The RSI at 60.10 supports energy on the buying side, and should XRP break the $2.29 resistance, a move towards the $2.50 mark appears likely. The short-term outlook is bolstered by immediate technical indicators and increased market activity, while the long-term prospects hinge on sustained investor confidence and continued accumulation, though a potential selloff could reverse gains. Weighed factors include technical strength, on-chain data reliability from Glassnode, and market participation trends.
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XRP Eyes $2.50 as New Demand and Stable Holding Fuel Upward Momentum
New address growth and reduced selling by long-term holders propel XRP's bullish trend amid technical indicators favoring a breakout.