Crypto Quill

XRP is on the move. As the broader cryptocurrency market recovers, the altcoin has been showing signs of a bullish reversal, with active addresses seeing a massive 620% surge in just a week. With a potential $4 target in sight, could XRP really reach that psychological milestone?

XRP Shows Signs of Bullish Recovery

XRP has been making waves in the market lately, with its price pushing upward despite a challenging past few months. The altcoin has maintained its dominance at key levels, especially the $2.00 mark. A surge in Bitcoin prices, up 8% to $90,200, seems to have given the broader market, including XRP, a much-needed push.

Currently, XRP is riding high on a 5.66% increase, pushing the price closer to the $2.50 mark. Although the market is still in recovery mode, XRP seems to be outperforming many of its competitors.

For the altcoin, this surge is more than just another price bump—it’s an indicator of a potential breakout. The next crucial psychological threshold? A jump to $4. The question remains: can XRP sustain this momentum and break through?

Active Addresses Soar, Boosting Confidence

One of the most compelling signals for XRP’s potential growth comes from its active address count. According to analyst Ali Martinez, there has been a massive spike in the number of active addresses on the XRP network—an increase of 620% over the last week.

This spike is significant. Active addresses jumped from 74,589 to 462,615 in just a matter of days, based on data from Glassnode. What does this surge mean? More engagement from users, more transactions, and overall a stronger network effect.

Could this surge in activity fuel further price gains for XRP? It’s certainly a bullish indicator. When there’s more activity on a blockchain, especially one with XRP’s capabilities, it often leads to higher demand for the token.

The rise in addresses doesn’t just reflect price movement—it’s a sign that confidence in XRP is on the rise.

Technical Analysis Suggests a Bullish Trend

Looking at XRP’s chart, the price action is indicative of a bullish reversal. After testing the $2.00 mark and holding strong, the coin has rallied and is now eyeing new resistance points. A critical demand zone has formed at the $2.10 level, which also coincides with the 23.60% Fibonacci retracement level.

As the price moves upward, XRP seems to be forming a Morningstar pattern, a bullish reversal signal often seen at the bottom of downtrends. This could suggest that the altcoin is gearing up for a larger rally that might take it toward the $3.30 resistance mark in the short term.

However, the psychological milestone everyone’s eyeing is $4. With the current market conditions, XRP could reach this level sooner rather than later, assuming the broader market continues to stabilize.

What’s Next for XRP?

If the market remains stable, XRP’s uptrend could easily push the altcoin towards the $4 mark. The broader market recovery could act as a tailwind for XRP, helping the coin breach this important level.

However, there are key support levels to keep an eye on. If the price dips below $2.10, the next major support lies at $1.83, where the 200-day EMA (Exponential Moving Average) sits. Should the price fall back to this support level, it would signal a potential retracement before another attempt at a rally.

Even so, with the increased activity and favorable technical indicators, it’s possible that XRP will continue on its bullish path towards that $4 goal.

XRP Price Action and Market Outlook

XRP has been trending upward for some time, and the combination of a surge in active addresses and strong technical indicators has given traders and investors reason to be optimistic.

Here’s a quick snapshot of XRP’s price targets and key support/resistance levels:

• Current Price: Around $2.50
• Immediate Resistance: $3.30 (First major resistance)
• Overhead Target: $4 (Psychological resistance)
• Support Zone: $2.10 (Critical demand zone)
• Key Support: $1.83 (200-day EMA)

The altcoin is at a critical juncture. If the upward momentum continues, it could very well break the $4 psychological barrier. However, market volatility always remains a concern, and XRP’s price is subject to fluctuations based on the broader crypto market movements.