Crypto Insiders members receive daily new technical analyzes for cryptocurrencies in our Discord environment. In this article we share a recent analysis of ripple (XRP) from our Premium group. If you are not yet a member or if you still have questions after reading this article, take a look at our Premium information page.
How far can XRP rise before price corrects?
The XRP price has been making significant jumps in recent days. The crypto coin is today several percent in the green while the rest of the market turns red. The token has surged from $0.32 to $0.40 in the past 14 days, up a whopping 25%. This makes it seem like XRP can rise much higher, but the technical picture looks slightly different. The analysts from our Discord environment explain this as follows:
“At the moment we expect an increase towards the red sales zone. It is currently between $0.43 and $0.46. From here on we expect a continuation of the bearish trend. This is because the price puts an end to a double 3 wave structure in the red zone. According to the rules of Elliott Wave theory, the price will then continue in its original trend, which is bearish.”
XRP network adoption slows down
Our analysts also looked at on-chain data on the network adoption of XRP. That can also have an impact on the price trend. However, it seems that this has slowed down considerably in the past year.
The graph above shows how many new accounts were created daily in the past year. What is striking is that at the end of 2021 there were still very strong peaks in the number of new XRP addresses. In November 2021, there was even a peak of more than 21,000 new accounts in one day. Currently, the number of new daily accounts is only 502. This is a reduction of almost 98%! In this regard, the current price still seems relatively high given the current network adoption, the analysts report.
Buy or sell XRP?
Are you considering buying or selling XRP? Then follow the trading plans of other experienced traders and analysts. Join and try a Premium Membership free for 30 days. In addition to analyses, as a member you also have the opportunity to ask questions to our analysts and coaches. You will also find a wide range of interesting discussion channels on all kinds of crypto-related topics!
Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts’ own insights and experiences and are for educational purposes only.