With the digital currency market experiencing mixed reactions, certain cryptocurrencies are beginning to show unique signals that may point to their potential to soar. One such example is XRP, which appears to be on the path to making history.
Data from crypto analytics service provider Santiment reveals that XRP has experienced consistent growth in recent days. Crypto analysts @ali_charts shared their observations on Twitter, noting that the past three instances in which XRP saw a parabolic price increase were all preceded by a surge in active addresses. This recent spike in network activity, confirmed by Santiment, could indicate that new capital is about to flow into the XRP ecosystem, leading to a bullish resurgence for the coin.
Currently, XRP is trading at $0.4833, down 1.41% in the past 24 hours. The cryptocurrency’s short-term bearish outlook is impacted by the ongoing reversal in Bitcoin‘s price. However, XRP has experienced generally positive growth over the past week and year-to-date (YTD). If speculations about an imminent price surge prove accurate, we could witness the token breaking through the resistance level at $0.5 soon.
The steadfastness of XRP’s community of bulls cannot be overlooked, as they remain positive despite the ongoing lawsuit between the United States Securities and Exchange Commission (SEC) and the coin’s associated blockchain payments firm, Ripple Labs Inc. This legal case revolves around whether XRP should be classified as a security or not.
Throughout this challenging period for the coin, XRP bulls have held onto their investments and are now capitalizing on new innovations related to the XRP Ledger (XRPL) and plans to introduce smart contracts into the protocol.
So far this year, XRP has demonstrated growth of 41.07%, proving that it may be beaten, but certainly not battered. Despite the conflict surrounding XRP and its parent company, Ripple Labs, the strength of its community and recent indicators of growth reveal the resilience of this digital currency. As developments unfold in the coming months, investors must weigh the potential rewards against the inherent risks associated with the ongoing SEC lawsuit and market volatility. Remember to carry out comprehensive market research before investing in cryptocurrencies, as neither the author nor the publication holds any responsibility for your personal financial loss.
Source: Coingape
