Crypto expert CW noted that the transaction is about XRP Ledger (XRPL) is growing rapidly, which suggests high prospects for XRP. The analyst noted how this is a positive signal and could indicate that a bullish reversal could be on the horizon for the altcoin.
Transactions on the XRP ledger are on the rise
In one X postCW shared CryptoQuant data showing that transactions on the XRP Ledger are increasing. He noted that in A bear marketinvestors generally leave the market and turnover decreases. Meanwhile, the increase in turnover is a pattern that occurs before a rally.
CW stated that increased circulation on the XRP Ledger is a positive signal, especially considering that it is coming back strongly from the lows recorded in December 2024. The increase of this indicator is against the background of the downward trend of the market, partly due to the increase in tension between USA and Iran.
Oil prices continue to rise amid the US-Iran war, reaching $115 today, the highest level since 2022, leaving XRP and wider. crypto market in danger Recently the on-chain analytics platform Glassnode revealed that 36.8 billion XRP is currently a loss at current levels, which translates into an unrealized loss of $50.8 billion.
Crypto analyst ChartNerd stated A big move is being prepared for XRP based on this development. Referring to the liquidity heat map, the analyst noted that the liquidity stack has fallen between $1 and $1.20. He also revealed that there is a liquidity buffer above $1.80. As such, XRP could drop as low as $1.20 to $1 for negative liquidity before reversing to regain liquidity around $1.80.
Why can XRP still fall to $0.7?
In another X postChartNerd predicted that XRP could fall as low as $0.7. He noted that these forecasts are partly based on it The structure of Bitcoin and tend to follow a 4-year cyclical behavior, with prices rising in the fourth quarter of last year. Mid-term years like this year are also historically bearish for crypto, the analyst added.
ChartNerd said that XRP could recover faster along with Bitcoin and the broader market. However, he noted that Bitcoin’s structure repeats itself like clockwork during typical mid-term years and bear markets. Therefore, the analyst noted that it is important for it BTC to maintain support at $60,000 would invalidate the drop from $50,000 to $40,000, which could close the door for XRP to $0.70.
At the time of writing, the price of XRP is reportedly around $1.35, having risen in the last 24 hours. information from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
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