XRP Price Analysis: Ripple Recovers Over 50% From June Lows But Bulls Eye $1
- XRP price traded at $0.84 over the weekend for the first time since June.
- The 200-day SMA currently limits the uptrend while bulls battle to extend the leg to $1.
- Improving network growth is a bullish signal for Ripple and could help buyers sustain the rally.
In the last almost three weeks, Ripple price has been breaking barriers to reclaim lost ground following the selloff that paralyzed the cryptocurrency market in May and June. The cross-border token embarked on a gains’ accrual mission after securing support at $0.5. Recovery has not been without challenges and squabbles with the bears.
Nonetheless, sustaining the price above $0.7 last week ensure market stability; thus, calling more investors into the market. Ripple gained ground over the weekend alongside other major cryptocurrencies, which brought down the hurdle at $0.78 and $0.8. A two-month high was achieved at $0.8 before the international money transfer token retreated below $0.8.
Can XRP Price Resume The Uptrend To $1?
The 200-day Simple Moving Average (SMA) currently caps the upside, hindering bulls from actualizing the move above $0.8. Moreover, a four-month descending trend line also stands in the way of the uptrend. However, if these two key levels are pushed into the rearview, Ripple could gain access to a smooth trajectory heading to $1.
According to the Moving Average Convergence Divergence (MACD) indicator, buyers have the upper hand. This technical index follows the trend of an asset and calculates its momentum. Realize that the buy signal flashed toward the end of June has been sustained amid minor retracements, depicting the fierce battles between the bulls and the bears.
A daily close above the resistance at the 200-day SMA, the descending trend line, and the seller congestion at $0.8 would trigger more gains as investors flock to the market while speculating an ultimate liftoff to $1.
XRP/USD daily chart
Ripple seems to be gaining traction both from a technical and on-chain perspective. According to Santiment, a leading behavioral analytics platform, the number of newly-created addresses on the XRP Ledger is rising again. This follows an uptick from around 2,000 addresses on August 6 to slightly above 2,300 addresses on August 9.
Ripple Network Growth On-Chain Metric Flipping Green
Improving network growth is often considered bullish for any cryptocurrency. It reveals that the project is gaining traction in adoption and perhaps becoming more attractive to investors. An upswing in price is expected as more and more people join the network.