Is Ripple (XRP) On The Verge Of A Massive Bull Run?

For the past few days, it has only been activated for XRP. In fact, it is the best performing cryptocurrency in the top 20 by total market capitalization, rising more than 25% in the last week.

As CryptoPotato previously reported, there are a few possible reasons for this, but perhaps the most important is the renewed optimism that Ripple Labs will get a positive resolution of its case against the US Securities and Exchange Commission.

Many believe that XRP is on the verge of a massive bull run, so let’s examine some important metrics that could provide additional insight.

XRP price shows strength

As mentioned above, XRP price managed to add more than 25% to its dollar value in the last seven days alone, peaking above $0.56.

By doing so, it was able to retrace three very important levels: the 50 EMA, the 100 EMA and the 200 EMA.

Source: TradingView

Generally, when a cryptocurrency trades above the 200 EMA, it is a sign that the market is bullish and more gains can be expected. In any case, the recent surge is an undeniable sign of renewed investor confidence, which also shows in some of XRP’s fundamentals.

This brings us to our next point.

Important fundamentals of XRP

XRP scan data shows an increase in numerous important metrics that support the most recent rise in the price of the cryptocurrency.

For example, the number of payments from one account to another has increased from 330,000 to almost 1.5 million.

Source: XRP Scan

Another important metric is the number of transactions, which has also increased from 660K to almost 2M in the last month.

Source: XRP Scan

Last but not least, the number of new accounts activated has also seen a considerable increase from 860 to over 1140.

Source: XRP Scan Broader Market Recovery

Beyond the above, it is also important to note that the rest of the market is also on the rise, which could contribute to an XRP price bull run.

So far, this has been attributed to the failed attempt to shoot and kill US presidential candidate Donald Trump earlier this week.

Many members of the cryptocurrency community believe that this has completely cemented their chances of winning the election. Given his renewed support for crypto, the markets are reacting positively.

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