At the end of March, the sixth largest cryptocurrency by market size rose 230 percent, signaling the end of a consolidation trend. Then, at $ 0.61, XRP flipped over to the neckline of the head-and-shoulders to shake off some of the so-called “weak hands.” Since July 20, prices have risen above the $ 1.00 psychological line, which is where the asset is currently consolidating.
Price change in XRP
The Fibonacci retracement indicator, which measures the distance between the high of $ 1.96 on April 14th and the low of $ 0.51 on June 22nd, indicates that XRP is now trapped in a tight range.
XRP is currently trading at $ 1.11, up 2.37 percent from its previous high. Coin has a market value of $ 52,017,787,084 and a 24-hour trading volume of $ 3,248,829,777. Currently, the total and maximum circulating supply is 46.62 billion XRP, 99,990,263,493 and 100,000,000,000.
The XRP coin could, in such unusual circumstances, trigger a new uptrend targeting the head and shoulders pattern of $ 3.42. The optimistic thesis remains true considering the growing number of active addresses on the XRP network.
Around 6,700 addresses are connected to the network, 394 percent more than in the previous week. Prices tend to rise with an increase in the number of active wallets.
To understand where XRP is going next, it is necessary to wait for an extended candle close outside of the $ 1.72 to $ 1.00 price range. After breaking the $ 1.17 resistance level, XRP could continue its bullish trend towards new all-time highs.