XRP Price: Is a Recovery on the Horizon?

XRP Price- XRP Market Activity Dips, But Optimism Remains

XRP Price– XRP has shown little market movement over the past 24 hours, with its price falling by 0.74%. However, despite this short-term decline, there are signs that XRP could be on the verge of a recovery, with the potential for significant gains in the near future.

At the time of writing, XRP’s price was forming an inverted head and shoulders pattern, a technical signal often associated with an impending price rally. This pattern generally precedes upward price movements, suggesting a potential bullish breakout.

The options market is reflecting growing optimism, with trading volume surging by 256% in the last 24 hours. Specifically, Open Interest in options contracts reached $220,860, as more traders appeared to open positions with the expectation of rising prices.

Spot market traders have also contributed to this bullish outlook, purchasing $11 million worth of XRP from exchanges and transferring it into private wallets. These types of transfers often indicate strong investor conviction, which could lead to a supply squeeze if the trend continues.

Low On-Chain Activity Puts a Damper on XRP’s Rally

While technical patterns and trader sentiment point to potential gains for XRP, a drop in on-chain activity could pose a challenge. Key metrics such as executed transactions and active accounts have seen a significant decline.

The executed transaction count fell from 1.56 million to 660,000 in just 24 hours, suggesting lower transaction volume on the XRP network. Similarly, active accounts, particularly senders, dropped sharply from 20,700 to 8,500, indicating fewer participants in the XRP ecosystem.

This slowdown in on-chain activity could limit the rally, especially if these trends persist.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.