Important Ripple (XRP) Metric Hits Three-Month High – Details

TL;DR

Ripple’s XRP saw a significant drop to $0.43, but quickly recovered to $0.51, with active XRP accounts up 45% on a 24-hour scale. Analysts are predicting a potential bull run for the asset, but some are warning that a hold below the $0.54 EMA could be followed by another pullback. This indicator is headed north

Ripple’s XRP was hit hard by the crypto market crash it witnessed on Monday (August 5). Its price plummeted to a one-month low of approximately $0.43 (according to CoinGecko data), while its market capitalization fell below $25 billion.

The picture changed dramatically the next day, with XRP recovering some of the losses and rising to $0.51, a valuation seen at the time of writing.

The resurgence coincided with the peak in one important metric. Data shows that the number of active XRP accounts soared 45% daily to reach nearly 16,000 on August 6. The figure has not reached this level since the beginning of May.

The increase in the metric could indicate several things, including increased user adoption and a growing network, which are crucial to the cryptocurrency’s long-term sustainability and security. This could be interpreted as a sign of confidence and may lead more investors to jump on the bandwagon.

More XRP Rally on the Horizon?

Numerous crypto enthusiasts have recently observed XRP’s revival, speculating that a potential bull run is just around the corner.

X user Dark Defender described the “bullish hammer” on the asset’s price chart amid the recovery, recalling that the same scenario was seen in March 2017 or just three weeks before a massive rally.

CRYPTOWZRD also chimed in, stating that XRP closed August 6 “bullish,” expecting a new bombshell in the near future.

“We should see a further bullish result from the current location, although XRPBTC should take more control soon. Our current trade is secured and I will look to get the next trade,” the analyst added.

On the flip side, some warned of another possible pullback in the coming weeks. Jeff Moore stated that “a bearish flag price pattern” could form if XRP holds below the exponential moving average (EMA) of around $0.54. Still, going over that mark could result in a 25% bomb:

“If we break EMAs and hold, we’re back to 0.64c! Stay strong, XRP holders.”

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