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.