Latest XRP Price Predictions According to Crypto Analysts
2024-08-27
Bittime - In the last 24 hours, the cryptocurrency market experienced a significant surge, with almost all cryptocurrencies trading in the green zone. Ripple (XRP) is no exception, showing a bullish trend that is attracting the attention of investors.
XRP Bullish Trend According to DustyBC: Up To $2 Potential Upside
According to DustyBC, a well-known analyst with over 150,000 followers on X and various other platforms, the price of XRP has the potential to surge dramatically.
DustyBC revealed that the current XRP chart pattern shows the price moving towards the upper limit of the flag pattern.
If XRP manages to break out of this pattern upwards, the price is predicted to reach $2, which means an increase of around three times from the current level.
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On-Chain Metrics XRP Investors Should Pay Attention To
However, behind these very optimistic predictions, there are several on-chain metrics that show signs of caution. In the last week, the number of payments from one account to another account has decreased by 26%.
Decline in Transaction Activity on XRPL: Danger Sign or Temporary Trend?
Additionally, the number of active accounts (unique senders) has also dropped by more than 50% in the past day.
The number of transactions executed on the XRPL has also decreased, raising concerns as to whether this drop is simply due to low activity over the weekend or if there is a more concerning trend developing.
Conclusion: The Importance of Caution Amid XRP Price Optimism
With a huge upside potential, XRP investors still need to be careful and keep monitoring these on-chain metrics to make wiser decisions.
Even though the price outlook seems promising, movements in the cryptocurrency market are always full of uncertainty.
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