Ripple Price Prediction: XRP accelerates rally aim

Ripple Price Prediction: XRP accelerates rally aiming for $3.00

XRP bulls eye support above $2.40, piggybacking on growing risk-on sentiment in the broader cryptocurrency market.The number of addresses on the XRP Ledger hit record highs, averaging 7.3 million.Interest in XRP derivatives steadily rises, backed by a surge in futures Open Interest, reaching $5.56 on Thursday.

Ripple (XRP) price extends recovery, reaching highs of around $2.49 on Thursday. The bullish wave cut across the crypto market, underpinning rising risk-on sentiment, as investors seek refuge in riskier assets like Bitcoin (BTC), Ethereum (ETH) and XRP due to escalating macroeconomic uncertainty amid tariff developments in the United States (US).

Meanwhile, XRP shows that it has the potential to accelerate the uptrend, targeting highs above $3.00 in the short term, backed by a recent breakout from an inverse Head-and-Shoulders (H&S) pattern and strong fundamentals.

XRP bulls tighten grip amid steady fundamentals 

The number of addresses on the XRP Ledger (XRP) has progressively increased over the past two years. According to Glassnode, addresses on the protocol currently average 7.3 million compared to 6.3 million on January 1 and 5.7 million on July 10, 2024.

A surge in the Number of Addresses metric indicates increased participation from both retail and institutional investors. As network usage increases with more transactions, there is a corresponding upswing in trading fees and interactions on the XRP Ledger.

 

The derivatives market paints a clear picture of the rising interest in XRP, particularly with the futures Open Interest (OI) steadily rising to $5.56 billion from $3.54 billion, posted on June 23.

A subsequent increase in the trading volume by nearly 30% to approximately $9 billion signals heightened market activity. In other words, traders are betting more on future price increases than XRP declining.

Liquidations surged in the past 24 hours, reaching $10 million, with short positions accounting for the lion’s share at $8 million. The long-to-short ratio also ticked up, averaging 0.9904 at the time of writing, which emphasizes a bullish bias.