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Highlights
- Ripple (XRP) price surged above the $2.40 mark on Monday, February 10, driven by renewed market optimism following a volatile week influenced by the US-China trade war.
- CryptoQuant data reveals that XRP’s user base expanded from 6.4 million to 6.6 million addresses between January 14 and February 10.
- XRP's recent gains have outperformed Bitcoin (BTC) and Ethereum (ETH), signaling the presence of a major bullish catalyst within the ecosystem.
Ripple (XRP) price punched above the $2.40 mark on Monday, February 10, buoyed by renewed market sentiment after a week of volatility from the US-China trade war. However, the US CPI data caused a short-term correction, but on-chain data shows an unusual increase in new XRP wallets created since the US Securities Exchange Commission (SEC) dropped all charges against Ripple in mid-January.
Ripple (XRP) Price Mild 7% Gains as Bearish Sentiment Subsides
Ripple (XRP) has steadily gained momentum as bearish market sentiment subsided last Friday. Despite Bitcoin (BTC) and Ethereum (ETH) struggling to break past their respective resistance levels of $98,000 and $2,750, altcoin markets, particularly XRP, have made a strong start to the week.
Recent reports indicate that investor capital is increasingly flowing into altcoins, driven by expectations of improved regulatory clarity under the new U.S. administration.
Market sentiment has been further driven by a lack of movement in Bitcoin-related policies, such as strategic Bitcoin reserves, prompting traders to explore alternative crypto assets like XRP.
The chart above illustrates how Ripple price has gained 7% since halting its downtrend at the $2.30 level last Friday. This recovery suggests renewed buying interest as investors capitalize on XRP’s growing adoption.
If the current momentum persists, XRP could consolidate above the $2.40 support level, potentially setting the stage for further bullish movements in the coming weeks.
200,000 New Addresses Created as SEC Drops Ripple Appeal Ahead of Gensler’s Exit
XRP’s impressive performance against BTC and ETH highlights a significant internal bullish catalyst. A deeper examination of on-chain metrics reveals a substantial influx of new users into the XRP Ledger blockchain, coinciding with key market-moving developments.
Notably, the U.S. Securities and Exchange Commission (SEC) failed to file an appeal against Ripple before the January 15 deadline, ultimately dropping all charges.
Additionally, former SEC Chair Gary Gensler officially stepped down on January 20, as President Trump’s appointed Mark Uyeda as acting SEC chair. These pivotal events provided a confidence boost for XRP investors, propelling the price to a seven-year high of $3.40 on January 16.
Beyond these regulatory milestones, on-chain data indicates an unprecedented surge in XRP adoption. As depicted in the CryptoQuant chart above, the number of XRP wallet addresses stood at 6.4 million as of January 14. However, since the SEC’s decision not to appeal, the number of new users has risen sharply, bringing the total to 6.6 million as of February 10.
An increase in total addresses is generally regarded as a bullish indicator.
A growing user base enhances network decentralization and fosters increased demand for XRP, as new wallets begin conducting transactions. Furthermore, this surge in adoption provides XRP with the necessary liquidity and user activity to maintain high support levels or even push toward a new all-time high.
XRP Price Forecast: Bulls Targeting $2.70 Resistance
XRP has gained 7% in the past three days, currently trading at $2.41 as bullish traders attempt to build momentum. The price is rebounding from a recent decline, finding support near the $2.40 VWAP level. The Donchian Channels indicate that XRP is recovering from the lower boundary of its trading range at $1.77, with immediate resistance sitting at $2.52. A decisive breakout above this level could push prices toward the next psychological barrier at $2.70.
The MACD histogram, while still in negative territory, is showing signs of bullish divergence as selling momentum fades. If the MACD line crosses above the signal line, it could confirm an uptrend, driving further gains. However, bears remain active, with the upper Donchian Channel limit at $3.28 acting as a major resistance zone. If XRP fails to sustain its upward push, a rejection at $2.52 could see prices retrace toward the $2.00 psychological level. Bulls must defend support to maintain the current trajectory toward $2.70.
Frequently Asked Questions (FAQs)
1. Why is XRP's price increasing?
2. What is the next resistance level for XRP?
3. How does an increase in XRP addresses affect price?
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