XRP Price is joining the list of crypto tokens that have managed to form new ATHs for the second time this year. Standing at $3.44 at the time of writing, with a market cap of $202 billion, the altcoin is now aiming to rise towards the next target.
New XRP Investors Are Driving the Rally
XRP has been witnessing significant network growth, reaching a six-month high. This growth is measured by the number of new addresses joining the network and conducting transactions.
Rising network growth shows that the altcoin is gaining traction in the market.
Sponsored
The recent surge in new addresses shows that more investors are pouring money into XRP, likely driven by fear of missing out (FOMO).
As more people enter the market, the network becomes stronger, and the demand for XRP rises, further contributing to the price increase of altcoins.
Will XRP Price Continue Its Rise
XRP is currently trading at $3.44, marking a new all-time high (ATH) after over six months. The surge can be attributed to several factors, including broader market bullishness and the increased institutional interest in XRP.
In addition to institutional support, XRP has received significant backing from retail investors. This led to XRP even surpassing Tether (USDT) to become the third-largest cryptocurrency by market cap ($202 billion) in the world.
The next key target for XRP is to breach the $3.80 mark. If XRP manages to secure this level as support, it will likely rise further towards the $4.00 range, continuing its upward momentum.
However, if investors decide to cash out following the altcoin’s ATH, the price could face a correction. The potential for profit-taking is high, especially after such a long wait.
If this happens, XRP could drop to around $3.00, testing its support levels. A drop below $3.00 would invalidate the bullish thesis, signaling a possible reversal or consolidation.
source : https://beincrypto.com