The price of XRP surpassed $ 0.75 on Monday, April 5th, reaching the highest level in the past three years earlier this week.
The last time XRP reached levels above $ 0.75 was in May 2018, when its price surged to $ 0.90. At that time, XRP entered a long bear market that lasted several years after reaching the $ 0.90 price point. The lowest price he tested was about $ 0.14, which is 26 times lower than the all-time high of $ 3.80.
But now, XRP seems to be on its way to gaining even more upside ground.
The rally across the crypto market, including XRP, is expected to be long, especially as the trading volume has increased by over 130% in 24 hours. This is not only about demand in stock exchanges, but also about flows in stock exchanges. Based on the HODLs narrative, there is an increasing volume of XRP leaving top-tier exchanges. From the number of these procedures, one can deduce that the rally is not over yet. In fact, the number of transactions is not even half the high of 2021, which was over 2.6 million at the time of writing.
Additionally, the ROI chart for the past 6 years seems to underline that there is room for more vertical growth. More than 50% of the ongoing trade volume in the XRP market comes from Binance markets, and the demand for altcoins is still growing exponentially. Now, based on historical charts and price trends, as Bitcoin’s price drops below $ 60,000, XRP’s price can continue to move north as long as the trading volume (which has a direct impact on price volatility) does not fall.
A month ago XRP was under a lot of selling pressure due to a decline in network activity. The SEC case also increased the selling pressure and demand fell on spot exchanges. However, the recent increase in the number of XRP transactions could be an indication of more network activity, with the signal that the rally might expand itself before a correction. In a way, in a way, XRP could even be low at that price level.
According to the attached table, the biggest increase in transactions corresponded to the fall in the price of the asset in October 2020. However, there was a quick recovery soon after. While XRP closed 2020 at a third of the price of November 2020, the same rate increased by 300% from $ 0.24 to $ 0.98. Other metrics such as the volume of XRP traded on top exchanges, the density of HODLs making profits at the current price level, and the density of large HODLs show that altcoin traders expect an increase in XRP. There may be a fix, but only towards the end of the altcoin rally. At this time, there may be signs of slowing down but not stopping. Based on data and on-chain analysis, XRP’s price rally may not be over yet.