Back in the summer of 2018, XRP’s price had peaked at $3.36. However, in the months that followed, Ripple’s native token lost most of its value. In fact, there was a time when people started attributing the “lost cause” tag to it.
When the token started showing potential recovery signs on the macro frame, the U.S. SEC filed a case against Ripple and its executives in December 2020. On the news of the same event, the token’s price negated its gains to a fair extent and started tumbling in value again.
With every small victory in the lawsuit, XRP’s price has reacted positively but hasn’t been able to carry out a full-fledged rally. Leave aside $3.36, Ripple’s token has not even paid a visit to the terrains above $1.5 in more than 10 months now.
Time for XRP to put on its bullish boots?
Since September last year, XRP’s price has been engulfed within a macro descending channel. In November, it did attempt to break out but was unsuccessful in doing so. Right after, as the degree of bearishness intensified, the token started trading closer to the lower trend line of the said setup.
At the beginning of the year it did collapse, but quickly crawled back up. In the mid-Feb to mid-March period, XRP traded within a symmetrical triangle and flashed a bullish breakout confirmation by 17 March. Since then, XRP has been making higher lows on its chart.
Quite recently, XRP sild above the mid-rib of the bearish channel, indicating that the bullish trend continues to be in play. Thus, unless the state of the broader market deteriorates out of the blue, XRP should be able to head towards the psychological $1 mark in the days to come.
In fact, Ripple’s on-chain activity has also been going on at a swift pace. At the time of press, it was the fifth most active chan, only behind Cardano, Bitcoin, Ethereum, and Litecoin.
Per the latest stats, over the past day, transactions worth up to $643 million had been carried out on the network over the past day and the number of active addresses has also been hovering around a healthy level of 106k.
Thus, keeping the trends on the chart and the state of the on-chain activity in mind, XRP should be able to continue inching up. After noting a 4% rise on the weekly window, Ripple’s native asset was exchanging hands at $0.86 at the time of press.