⚈ XRP network activity increased 67.50 % with an increase in the price from $ 1.97 to $ 2.26
⚈ Strict Bolinger stretching stretching fluctuations. Opening the offer may limit the upward trend
⚈ The upcoming SEC meeting may provide clear on the Ripple issue and enhance investor morale
The XRP network, a measure of unique portfolio addresses participating in successful transactions, witnessed a sharp increase from April 11 to April 20.
It is the scale represents an increase of 67.50 % in the aforementioned time frame, for all data from the coded currency market platform Glassnode Common before Technical analyst Ali Martinez.
In the specified period, the XRP price increased by 6.09 %, from $ 1.97 to $ 2.09. By the time of the press on April 23, the distinctive symbol was circulated at $ 2.26, after moving an additional 8.13 % to the upward trend, with a year returning to its date by 8.82 %.
Along with this, Martinez recently noticed a significant decrease in the new XRP addresses, as it is covered with Finbold on April 20. Therefore, we can imagine that the last gathering was not the result of the flow of new traders.
Increasing XRP network is just one upward signal in playing currently
In addition to increasing the activity of XRP, the technical analyst also highlighted that Bollengerer (BB), which measures potential price movements, indicates that XRP can witness an increase in fluctuations.
With what is said, the dynamics of supply and demand for current running momentum can weaken.
Ripple Labs is scheduled to unlock 1 billion XRP on May 1, and the increase in traded symbols may be moderate to future moves to the upward trend.
However, historically, the openings did not lead to major disturbances in the supply – and since the cryptocurrency market is currently witnessing significant flows, the XRP seems to be more than the level of the next decisive resistance at $ 2.40.
Moreover, since the open interest of XRP approaches its lowest level for one year, taking the last price action to the top is not the result of derivative trading-but rather the most likely reason is to increase local trading.
Finally, the Closed Stock and Stock Exchange Commission meeting on April 24 can bring a new clarity regarding the Ripple V case. SEC to a final conclusion, which can provide an additional bullish catalyst.
Distinctive image via Shutterstock
