XRP Network Hits Record 6.26M Active Wallets Despite Price Drop
XRP network achieves milestone of 6.26M active wallets despite price volatility, suggesting growing adoption and potential bullish divergence as market tests…
In a remarkable display of network strength amid market turbulence, XRP has achieved a significant milestone with its active wallet count reaching an all-time high of 6.26 million addresses holding at least 1 XRP. This development comes as the broader crypto market experiences significant selling pressure, highlighting a potential bullish divergence for the digital asset.
Record Network Growth Despite Price Pressure
According to data from Glassnode, XRP’s network metrics are painting a surprisingly positive picture despite the asset trading below critical support levels. The surge in wallet addresses holding 1 XRP or more suggests growing retail adoption and distribution, even as the price struggles below the psychological $2 mark.
Technical Analysis: Critical Support Levels Under Test
XRP is currently battling to maintain support at $1.80, having broken below several key technical indicators including the 200-day EMA at $1.94 and the 200-day MA at $1.85. This technical weakness comes as Standard Chartered’s ambitious $12.50 price target contrasts with current market conditions.
On-Chain Metrics Signal Potential Recovery
Despite the bearish price action, on-chain data reveals growing network fundamentals:
- Active addresses reached 6.26 million (all-time high)
- Retail investor participation continues to grow
- Network adoption metrics show steady improvement
Expert Outlook and Price Scenarios
Market analysts remain divided on XRP’s short-term prospects. While the $1.80 support level represents a crucial battleground, a successful defense could spark a recovery toward $2. However, a breakdown could trigger further selling toward $1.50.
FAQ Section
What does the increase in XRP wallets indicate?
The growth in wallet addresses suggests increasing adoption and distribution of XRP, potentially indicating long-term network strength despite short-term price volatility.
What are the key price levels to watch?
Critical support lies at $1.80, while resistance levels include $1.95 and the psychological $2 mark. A break below support could target $1.50.
Is XRP showing bullish divergence?
The contrast between growing network metrics and declining price action creates a potential bullish divergence, often seen before significant recoveries.
