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While XRP is clearly facing downward, the market’s sentiment still remains positive. According to Ali Martinez, a crypto analyst, a surge in the value of XRP might ensue soon. This prediction was deduced after Martinez noticed a steady increase in the number of new addresses created on the XRP blockchain.
Considering previous data, when the creation of new addresses on a blockchain increases, there’s usually a significant impact on the native token. After hitting the $0.54 resistance, the market has been heading downward. However, should the price move according to Martinez’s prediction, XRP might be setting a higher high soon.
Key XRP Levels To Watch – June 5
XRPUSD has created a double top at the $0.5470 price level. This was after the successful breakout from the diagonal resistance across the previous swing highs. A similar incidence also occurred in May 2023, which brought about the second phase of the bullish trend.
The #Ripple network is expanding as the # of new $XRP addresses trends up!
— Ali (@ali_charts) June 5, 2023
Network growth is often considered one of the most accurate price predictors. Generally, a steady increase in the # of new addresses created on a given blockchain leads to a major price upswing. pic.twitter.com/cI1sVr95pt
While the RSI (Relative Strength Index) indicates a possible correction to the downside is ongoing, the MA Cross still shows that the overall market trend is bullish. As soon as the correction phase ends, the price is likely to surge massively to the upside.
Ripple Key Levels
Resistance Levels: $0.5850, $0.7500, $0.9130
Support Levels: $0.4950, $0.4100, $0.3400
Total Market Capitalization: $1.09T
XRP Market Capitalization: $26.37B
XRP Volume: $2.06B
Market Rank: #6
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