Analyst Predicts XRP Price Rally To $2.70 Looms As Ripple Network Activity Jumps 70%
Highlights
- XRP price's next target is $2.70, analyst predicts amid market-wide recovery.
- Ripple network activity sees a remarkable rise as active addresses hit the 40K mark.
- However, the coin's price is down by 1% today, yet holding above $2.
A renowned crypto market analyst has predicted that XRP price is eyeing a rally to $2.70 in sync with a market-wide recovery in recent days. Analyst Ali Martinez has forecasted a highly bullish outlook for the Ripple-backed token due to bullish chart formations, sparking optimism in sync with another dynamic that emerged recently. Intriguingly, network activity for the same crypto has surged by nearly 70% as active addresses topped 40K this Saturday.
XRP Price Eyes $2.70; Analyst Forecasts Echoing Market Optimism
Ali Martinez’s X post revealed that XRP price appears to be forming an inverse head and shoulders pattern. This pattern formation suggests that the crypto’s price is gearing up for a trend reversal from downtrend to uptrend.
The analyst predicted that a potential bullish breakout to $2.70 lies ahead against the backdrop of this bullish dynamic. However, XRP price has erased slightly over 1% in the past 24 hours and closed at $2.08, stirring some contrary speculations.
Despite the coin’s recent volatile price action amid broader market trends, renowned crypto market analysts have gone all out with non-stop bullish predictions. Not long ago, CoinGape reported that Ripple’s coin’s price could surge as high as $3.75 amid other bullish chart formations, per another market analyst. Notably, analyst ‘Dark Defender’ emphasized a major resistance break and a bullish RSI for the crypto, adding to optimism about its long-term price prospects.
Ripple Network Activity Spikes, Adding Fuel To Optimism
In addition, burgeoning Ripple network activity has added to market optimism for the US blockchain payments company’s native coin. XRP network activity surged 67.50% on April 22 as the active addresses topped 40,000.
Analyst Ali revealed via a different X post that the active addresses rose from 27,352 to 40,366, spotlighting the surge. This data has further tilted the scales toward the bullish side for XRP price, highlighting rising blockchain and user interaction.
The upshot? Traders and investors extensively monitor the coin for any price action shifts ahead. Meanwhile, a Ripple price prediction by CoinGape also revealed that a massive rally is right over the horizon, as per the Wyckoff pattern.
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