Ripple Price Prediction: XRP Prepares For Ultimate Rally To $1.6 Following This Consolidation
- Ripple price action calms around $1.1 as consolidation takes precedence.
- A breakout to $1.6 is anticipated in the near term, accentuated improving on-chain fundamentals.
Ripple is stuck in a pivotal action around $1.1 following the rejection from $1.2 earlier in the week. It is becoming increasingly difficult to sustain an uptrend despite Bitcoin reaching new all-time highs. The flagship cryptocurrency touched $58,000 on Tuesday amid speculation that it would spike above $60,000 and close the gap to $65,000 in the coming few days.
Ripple Price Embraces Consolidation Ahead Of Breakout
The international money transfer token teeters at $1.09 at the time of writing. According to the technical picture, the tug of war between the bulls and the bears intensifies. Note that the stalemate has been accentuated by the immediate 50-day Simple Moving Average (SMA).
As long as XRP stays above the 50 SMA, we can expect bulls to have the upper hand. The overall stability in the market is allowing bulls a chance to reenergize ahead of a planned mission to $1.6.
Simultaneously, the Moving Average Convergence Divergence (MACD) shows a bullish signal. At the beginning of October, its appearance accelerated Ripple through the barrier at $1, $1.05, and $1.1.
The MACD follows the trend of an asset and calculates the momentum. As buy signal comes into the picture when the 12-day EMA crosses above the 26-day. Now that the MACD has settled above the mean line, the trend has the potential to lean to the upside despite the sideways trading.
XRP/USD Daily Chart
Santiment shows that there has been a consistent growth in the number of new addresses joining the XRP Ledger over the last 30-days. Following the bottoming at roughly 2,460 on September 19, newly created addresses the protocol have more than doubled to the current 6,200.
A continuous growth, such as the one observed on the chart below, is a vivid bullish signal. The increase implies that XRP is gaining traction in mainstream adoption. As demand for the token expands, the price tends to lift to higher levels.
Ripple Network Growth
S similar growth pattern is reflected with the number of active addresses metric. This model by Santiment tracks the number of addresses transacting on the XRP Ledger each day. Spikes in this index infers that investor speculation is on an upward roll.
Ripple Active Addresses
As the interactions on the network surge, holders bet on the price, gaining traction to higher levels. As for Ripple, investors are looking forward to $1.6, a target achievable in the near term if the fundamentals keep getting stronger.