Analysts Cite $5 XRP Price Wave As Active Accounts Go Through the Roof After Hitting 7-Month High
The XRP ecosystem is painting a bullish picture, as active accounts are skyrocketing thanks to soaring on-chain metrics.
According to CryptoQuant data, the number of active XRP accounts recently hit a 7-month high thanks to heightened whale activity, which saw over 500 million XRP scooped in two weeks.
Therefore, this suggests that the demand for XRP Ledger is high since it serves as an open-source and decentralized network designed for efficient, low-cost, and fast cross-border transactions.
Furthermore, the high number of active XRP Ledger addresses signals the blockchains growing role in tokenization, decentralized finance (DeFi), and the overall crypto market.
Meanwhile, XRP is enjoying some bullish momentum after breaking out of a falling wedge, with crypto analysts acknowledging that this might trigger a 350-400% surge.
According to CoinGecko data, XRP was up 13% in the past week to hit $0.57 at the time of writing.
Therefore, XRP is already enjoying a bullish reversal situation since its previous downtrend is changing course.
A crypto pundit recently suggested that XRP was locked and loaded for a mega explosion, which could see the seventh-largest cryptocurrency based on market valuation hit the $5 price level.
With Donald Trump having bagged the U.S. presidency, time will tell how XRP shapes in the short term based on his pro-crypto stance.
Text source: ZyCrypto
