• As a top trader turns bullish, XRP network activity skyrockets

  • According to one of the industry’s most renowned analysts, XRP is poised to resume its upward trend.

    • The price of XRP appears to be constrained within a narrow range.
    • The direction of the trend will be determined by a weekly close outside the $1.72 to $1.00 pocket.
    • While on-chain activity is exploding, renowned analyst Peter Brandt appears to be bullish.

    If the $1.17 resistance level is breached, XRP could resume its upward trend towards new all-time highs.

    XRP is poised to set new all-time highs.

    Ripple’s XRP token may be poised for a bullish surge.

    XRP’s price action, according to 40-year trading veteran Peter Brandt, is “constructively” governed by a multi-year head-and-shoulders pattern that has formed on its weekly chart.

    In late March, the sixth-largest cryptocurrency by market cap soared by a whopping 230 percent, signaling the end of the consolidation pattern. Then, at $0.61, XRP reversed to the neckline of the head-and-shoulders pattern, shaking out some of the so-called “weak hands.”

    Since July 20, prices have risen above the psychological level of $1.00, where the asset is currently consolidating.

    The Fibonacci retracement indicator, calculated from the high of $1.96 on April 14 to the low of $0.51 on June 22, suggests that XRP is currently stuck in a tight range. The 61.8 percent Fibonacci retracement level at $1.17 is acting as resistance, while the 50% retracement level at $1.00 is keeping prices from falling further.

    A decisive weekly candlestick close above the overhead barrier could indicate that the uptrend has resumed. Under these unusual conditions, XRP could enter a new uptrend and reach the target of the head-and-shoulders pattern at $3.42.

    The network’s activity is exploding.

    The bullish thesis is supported by the increasing number of active addresses on the XRP network. Approximately 6,700 addresses are interacting with the network, a 394 percent increase from last week.

    A surge in the number of active wallets is usually followed by a rise in prices. To determine where XRP is headed next, it is necessary to wait for a sustained candlestick close outside the $1.72 to $1.00 price range.

    Slicing through resistance may propel this token to new all-time highs, while failure to breach the underlying support barrier may result in a correction to $0.85 or even $0.70.

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