Ripple Price Analysis: Top Reasons Why XRP Price Could Surpass $0.6 Soon
The post Ripple Price Analysis: Top Reasons Why XRP Price Could Surpass $0.6 Soon appeared first on Coinpedia Fintech News
With the judgment being produced in favour of Ripple, the XRP price was believed to trigger a considerable upswing. It did for a while, but unfortunately, the bears squeezed all the profits as the price had been trading within a narrow region for quite some time. Gladly, the price has been trying to kick-start a healthy rebound from the past couple of days that appears to have materialized with the fresh bullish push.
Despite the waning bullish volume, here are some of the reasons that indicate that the price may take off soon.
Development Activity Hits the Bottom
The development activity indicates the activeness of the team behind the project and their willingness to deliver new features or upgrades. This builds a positive sentiment among the market participants who jump in, elevating the buying volume. The development activity has marked the bottom for the year and is believed to be reckoned as it was before. With the rise in levels, the traders may become optimistic about the impending trend, which may lift the buying pressure and in turn the price.
Whales Begin to Accumulate
Whale activity can be considered one of the important indicators that may determine the next course of action. The address holding more than 100K XRP had dropped heavily during the last week of August. However, with the beginning of the present month, the levels rebounded and are rising. This signals the impending ascending trend of the token, as market sentiments may turn bullish henceforth.
Rise in Unique Addresses
The rise in supply active ever is nothing but the addresses that have performed a trade at least once in the given period. These levels indicate the rising interest of retail traders, who contribute significantly to the volatility of the asset. The levels have risen by more than 50 million in a month and may soon hit the milestone of 100 billion.
