- Ripple hits new multi-year high past $1.6 bulls eye ultimate lift to $2.
- The path with the minor hurdles is upward, as revealed by the MACD on the daily chart.
- The profit or loss on-chain ratio could reset, highlighting a potential price drop.
Ripple ignored the calls to retreat to $1.2 or $1 support areas, respectively. Instead, the cross-border token pushed past the recent high to trade at $1.64 at writing. The short-term technical outlook reinforces the bullish narrative as investors speculate a breakout past $2.
Ripple’s Uptrend Seems Unstoppable
The upswing toward $2 has been validated by an increase in speculation and interaction on the network. Investors believe that it is time for XRP to have its turn to rally after the United States Securities and Exchange Commission (SEC) sabotaged the previous run in December with a lawsuit against Ripple Labs and its top executives.
Higher support, preferably above $1.6, could confirm the Moving Average Convergence (MACD) bullish impulse. Such higher support proves that the trend is upward and reinforces market stability. Moreover, the MACD line (blue) hints at the uptrend remaining intact following the broad signal line’s divergence.
XRP/USD Four-Hour Chart
The number of active addresses has started to trend higher, according to Santiment’s on-chain metrics. Last week the addresses interacting on the network shot upward, hitting levels slightly above 42,000.
The upswing occurred in tandem with a price rally above $1. However, there was a dip to roughly 19,000 on April 8. Ripple network records marginally over 31,000 active addresses at the time of writing. If the surge progresses, the price will also trend north toward $2.
Ripple Active Addresses
Looking at the Other Side of the Picture
According to the market value realized value (MVRV), Ripple holders are witnessing high profits at the moment. The model features a ratio of nearly 110%. It is worth noting that a high MVRV figure is a bearish signal.
Ripple MVRV model
When most holders are at a profit, selling pressure is bound to increase while investors cash out for profit. Therefore, it is essential to proceed with caution.
On the other hand, not holding above $1.6 could see selling pressure surge. On the downside, support is envisaged at $1.3, $1 and $0.8.