Rippe’s XRP coin seems to have experienced an increase this week. This is up over 5% amid the crypto market resurgence.
The XRP price reached its highest level in the last month, around $0.65. However, on-chain data shows strong network growth for XRP recently. In this context, it provides more upward optimism.
XRP is trading at $0.63 at the time of writing. However, it has increased by nearly 8% in the last 30 days. Sixth largest by market value cryptocurrency The unit has outperformed Bitcoin and the broader crypto market amid growing bullish sentiment.
The increase in the number of new users on the XRP ledger network is another factor increasing the excitement. According to Santiment, 12,819 new XRP wallets were created on Monday alone.
New Ripple User Growth
Koinfinans.com As we reported, XRP last saw similar growth in new wallet addresses in late December last year. At the time, XRP prices had risen over 15% in just three days following increased network activity.
XRP’s network growth metric tracks the number of new wallet addresses created daily, which is seen as an indicator of how quickly its ecosystem is attracting new users. More new users tend to increase XRP’s market demand and trading volumes.
XRP prices have bounced back solidly from support around $0.59-$0.62 thanks to a surge in retail interest. The relative strength index (RSI), a momentum indicator, also shows ample room for further upside.
For prices to continue their upward trend altcoin Bulls need to regain immediate resistance near $0.67. This could allow prices to reach XRP’s November high of $0.80.
However, failure to build on recent gains could cause XRP to slide back towards the $0.59 support zone. Broader crypto market headwinds will likely determine near-term price action.