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More Gains Ahead for XRP? On-Chain Metrics Hint at Bullish Run

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XRP Price Action 

After painting a bullish crossover between its 20-day and 50-day exponential moving averages, XRP has a high probability of achieving $1.50 in the fourth quarter of 2021. (EMA).

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The so-called golden cross has appeared on XRP charts several times in the past. The last time it happened was on Aug. 10, and it was followed by an 80 percent price rise, with XRP Price reaching a seasonally high of $1.43 before falling down to the downside.

A rising wedge pattern now provides more evidence of an upward trend. The ascending channel pattern’s upper and lower trendlines have recently served as resistance and support for XRP price movements. As demonstrated in the chart above, the cryptocurrency’s continuous uptrend was also accompanied by a robust bounce from the wedge’s lower trendline.

As a result, XRP Price appears to have a good chance of stretching its comeback to the wedge’s top trendline. For XRP, this essentially translates to a bullish objective of $1.50.

On Chain Metrics Hint at a Huge Breakout!

Key on-chain metrics for XRP are flashing good signs for the sixth-largest digital asset by market cap, according to crypto market analytics company Santiment.

Santiment examines XRP’s social volume statistic in a new edition of Insights, claiming that despite the coin’s surge from $0.85 in late September to its current price of $1.21, online talks regarding the sixth-largest crypto-asset have been very quiet.

This lack of interest from the public is healthy for the time being, especially since the price continues to rise and social volume stays low, implying that the crowd is in disbelief. It added.

Despite the fact that the number of social mentions for XRP has decreased, the company claims that its network has seen a large increase in daily active addresses since late July, indicating that investors are likely finding real-world use cases for the altcoin.

It further adds, the surge in new participants, as seen in the network growth indicator, is likely to account for a significant portion of XRP’s Daily Active Addresses. This long-term upward trend is often a good omen for what’s to come.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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