XRP May Rise to $0.70 Despite Short-Term Hurdles, On-Chain Data Shows
In Short
XRP, the cryptocurrency behind Ripple, may be on the verge of rising to $0.70. Despite a positive outlook, analysts warn of short-term hurdles that could cause a 2%-4% decline. Key on-chain metrics point to ongoing accumulation, although liquidity could favour a price drop. Development activity and daily active addresses show mixed signals, urging investors to exercise caution.
Market Analysis and On-Chain Metrics
Currently, XRP is trading above the middle resistance zone, indicating a good chance for a rally towards the range high at $0.70. The short-term market sentiment is strongly bullish, although demand from the spot market remains weak. A significant local resistance mark around $0.63 has proven stubborn since mid-July. Despite the challenges, on-chain data shows accumulation pointing to a possible upward movement.
Development activity at Ripple is low compared to other projects and has decreased recently, which may deter long-term oriented investors. A peak in daily active addresses in mid-July indicates increased interest, which has since waned. The network growth rate remains stable with a slight increase since June.
Liquidity and Price Forecast
Liquidity data shows a bearish trend with a dense accumulation of liquidation levels around the $0.58-$0.59 zone. This could serve as a short-term target, but also trigger a bullish recovery that could drive the price towards $0.70. Despite the challenges, the short-term MVRV ratio remains positive, suggesting that holders are currently making a small profit.
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Legal Developments and Outlook
Stuart Alderoty, Chief Legal Officer at Ripple, recently noted in relation to the Kraken case that there are no crypto-asset securities, which is viewed as bad news for the SEC. This legal assessment could have long-term positive impacts on XRP and the entire crypto market.
Our Assessment
Although XRP faces short-term hurdles, the on-chain data and market analysis point to a potential rally. However, investors should keep an eye on liquidity conditions and development activity, as these factors can significantly influence the market. The legal developments around Ripple offer an optimistic outlook, but it remains important to act cautiously and continuously monitor market conditions.
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Sources: AMBCrypto, Santiment, Hyblock
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