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XRP price will the bulls take over

2020.06.19

The number of active Bitcoin addresses with a balance greater than zero has risen to an all-time high of over 29.1 million addresses, despite the massive crash in the crypto market.However, as the data from XRP1intel shows, XRP is also recording a growth in addresses. In January, 18,746 new XRP accounts were created. In February this number rose to 19,460 and culminated in March with 25,077 new XRP accounts. As the following graph shows, the new accounts were created continuously throughout March and not in a concentrated manner on a few days, as in November and January.

The growing number of new XRP accounts indicates an increasing interest in XRP. Due to the notorious crash on March 12, XRP plummeted to below USD 0.14 and has since recovered slightly to a price of just over USD 0.18 at the time of writing.

However, chart analysts disagree on the current momentum of XRP. According to “CryptoCapo_”, XRP is currently in the midst of an Elliot wave correction, which could cause the price of XRP to fall towards USD 0.08-0.09 and then continue to drop to USD 0.05-0.06, to reach a long-term low in mid-2020.

In contrast, “The Cryptic Poet” analyzed that XRP is about to break the 200 moving average on the 4-hour chart. Breaking through and staying above this level could indicate a longer-term trend reversal.

Author : Jake Simmons