XRP Price Prediction: Ripple’s Recovery To $1.6 Depends On Bulls Holding Support At $1
- XRP price is pivotal at $1 as bulls aggressive fight for a chance to match to $1.6.
- The technical picture seems to favor the bulls, according to the MACD.
- A drop in the number of addresses created on the XRP Ledger could challenge the expected run-up to $1.6.
On Thursday, Ripple was at the helm of the cryptocurrency market when the token closed the gap to $1 for the first time since the beginning of June. While major crypto assets like Bitcoin and Ethereum stalled, XRP posted double-digit gains.
As reported, investors bought the news after GME Remittance announced a partnership with Ripple to utilize the RippleNet service for cross-border transactions. GME Remittance is one of the largest non-bank remittance companies globally.
XRP Price Fights For A Position Above $1
Following the recent uplift above $1, Ripple has struggled to extend the bullish leg higher. A correction toward $0.9 was nullified at $0.92, allowing bulls to regain control. At the time of writing, XRP has lifted to exchange hands $1.029 as bulls look forward to gaining ground to $1.6.
It is worth mentioning that the Moving Average Convergence Divergence (MACD) has a vivid bullish outlook. This follows the move above the mean line and sustenance of a buy signal presented in July. If the technical picture remains unchanged, we expect Ripple’s uptrend to remain enhanced while closing in on $1.6.
On the other hand, bulls must hold firmly to support at $1. With this level as a formidable anchor, buyers will not have to worry about stability but only how to execute the breakout heading to $1.6.
XRP/USD Daily Chart
According to Santiment, Ripple’s network growth has been hitting new recovery milestones since the beginning of August. The network growth index tracks the number of new addresses created on the XRP Ledger each day.
Spikes in this metric suggests that mainstream adoption is gaining traction, which helps bulls sustain the uptrend. Currently, 3,238 addresses have joined the protocol, up from an August low of 1,979, based on a three-month trailing average. A continues growth in this metric could see XRP easily take down the barrier at $1.6 and resumed the rest of the journey to $2.
Ripple Network Growth On An Upward Roll
Looking At The Other Side Of The Fence
Santiment also shows a significant decline in the number of addresses interacting on the XRP Ledger. Realize that falling network activity is often a bearish signal. Hence, Ripple may have a challenging task sustaining the expected uptrend.
Ripple Active Addresses Plunge
For now, nearly 14,500 addresses have transacted on the network, a figure significantly low compared to 20,000 addresses recorded on August 12.