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Home»ALTCOIN NEWS»Analysts predict legendary surge
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Analysts predict legendary surge

By Crypto FlexsSeptember 17, 20243 Mins Read
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Analysts predict legendary surge
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  • XRP is showing signs of a surge, and analysts are predicting a huge rally.
  • On-chain data shows a decline in active addresses, raising questions about the strength of the bullish trend.

Ripple (XRP) was trading at $0.5842 at the time of writing, up 1.8% and continuing its steady recovery over the past few weeks. In the past seven days alone, XRP has gained 7.3%, sparking optimism among investors and analysts.

This recovery came during a period of high overall market volatility, with XRP underperforming relatively compared to other major cryptocurrencies.

Analysts point to a seven-year compression pattern.

Renowned cryptocurrency analyst CrediBull Commented A look at XRP’s recent price action highlights the asset’s long-term compression over the past seven years.

He described it as “the mother of all bull flags,” highlighting how unique it is in the crypto space.

Source: CrediBull by X

Source: CrediBull by X

CrediBull stated:

“There’s literally nothing like it in this space. Partly because most of the coins here haven’t existed in 7 years. lol. When the old generation wakes up, it’ll be legendary.”

Another analyst, MoonLambo, said: Expressed Expressing similar feelings, “As I have said many times, XRP cannot and will not stay in this range against the dollar forever,” indicating his belief that XRP will eventually reach new all-time highs.

XRP On-Chain and Market Data: Bullish Signals Evaluation

To gauge whether XRP is truly ready for a bullish surge, it is worth looking at on-chain metrics. Despite the bullish technical outlook, on-chain data paints a more nuanced picture.

According to SaintlyThe number of active XRP addresses has decreased significantly in recent months.

Source: SantimentSource: Santiment

Source: Santiment

This figure has dropped from a peak of 382,000 in April to around 196,000 today. A decline in active addresses often indicates a decrease in user engagement and transaction activity on the network.

This decline could be a signal to be cautious for the time being, as it suggests that the upside momentum could be limited with fewer active addresses, and if participants do not come back in, the rally could only last for a short period of time.

Further data According to Coinglass, XRP’s open interest increased by 4.32% to reach a current value of $650.26 million. Open interest refers to the total number of unsettled derivatives contracts, such as futures and options.

XRP Unsettled InterestXRP Unsettled Interest

Source: Coinglass

The increase in open interest suggests increased trading activity, reflecting growing speculation about the direction of XRP’s price. Additionally, the asset’s trading volume rose slightly by 0.15% to $1.32 billion.


Read our XRP price prediction 2024-2025


A simultaneous increase in open interest and volume can indicate a strengthening trend, meaning traders are taking positions in anticipation of a potential price move.

However, as the number of outstanding contracts increases, the market may react more rapidly to news or price changes, which may lead to higher volatility.

Next: Celestia Makes Top Earners List, But Funding Ratio Shows Cautiousness

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