XRP Sees 7% Surge in 24 Hours, Nears $150 Billion Market Cap
XRP has experienced a notable uptrend of over 7% in the past day, propelling its market cap close to $150 billion. The cryptocurrency community is abuzz with discussions about how its recent inclusion in the US crypto strategic reserve could impact its long-term price trajectory.
All eyes are also on the imminent White House Crypto Summit scheduled for March 7, which is anticipated to play a pivotal role in shaping market sentiments. The future movement of XRP, whether it prolongs its rally or encounters fresh resistance, hinges on these significant developments and the confirmation of sustained upward trends from technical indicators.
Buyers Remain Dominant According to XRP DMI Data
The current XRP market scenario reveals that its ADX sits at 18.49, a decrease from 36.2 four days ago, signifying a substantial weakening in its trend strength.
Notably, the +DI (positive directional index) has dropped to 25.1 from 50, while the -DI (negative directional index) has climbed to 14.4 from 9.3.
The shift in these indicators suggests a fading bullish momentum alongside a slight rise in selling pressure, which may pose challenges for XRP in establishing a robust upward trend.
XRP Active Addresses Achieve Record Highs
XRP has recently hit an all-time high in 7-day active addresses, reaching 1.16 million, a substantial surge compared to just 236,000 addresses recorded on February 27. This spike indicates a remarkable growth in network activity over the recent days.
Tracking active addresses is crucial as it indicates user engagement, transaction activity, and overall demand for the cryptocurrency. A rise in active addresses often signifies increased adoption and interest, which can underpin price appreciation.
Anticipating a Golden Cross for XRP
The evolution of XRP’s EMA lines suggests a potential formation of a golden cross in the near future, with short-term moving averages continuing to climb. If this bullish signal materializes, XRP's price could target resistance levels at $2.74, with a breakout possibly driving prices to $2.99 and even $3.15.
Nevertheless, the realization of these price projections will be contingent on crucial developments, such as decisions concerning the US crypto strategic reserve and potential announcements during the forthcoming White House Crypto Summit on March 7. Investors are advised to closely monitor these events and adapt their strategies accordingly.
In conclusion, while a failure to sustain an upward trend coupled with increasing selling pressure could lead XRP to test support levels at $2.50, further decline might push it towards $2.33, $2.06, and potentially below $2 to $1.95.