The ongoing XRP price consolidation will likely end soon due to two catalysts – the recent spike in active addresses and the DC Blockchain Summit. Could these two events trigger a production of higher lows that push the token to bounce and tag the $3 psychological level?
Bitcoin is up nearly 3% in the past 20 hours and trades around $83K with no clear directional bias. However, XRP, Ethereum (ETH), and other altcoins await a bias after the highly anticipated Fed’s Interest Rate decision and FOMC events.
Can XRP Price Scale Higher and Hit $3?
From a purely technical perspective, XRP price is hovering between the $2.057 to $2.724 range. After a deviation of the range low on March 11, the token has bounced 30% to set up a local top at $2.47. For the trend to remain bullish, Ripple’s XRP needs to produce a higher low above $2.057. Such a development will propel the price to revisit the range high of $2.724.
In a highly bullish case, where Bitcoin price remains above $90K, Ripple’s token could flip the range high resistance level at $2.724 into a support level, advancing to $3. This move would constitute a near 40% rally, assuming XRP price produces a higher low at $2.1571.
XRP/USDT 1-day chart
XRP Active Addresses More Than Triple
As of December 2, 2024, XRP price touched the $2.69 level for the first time in more than five years. This historic level saw Daily Active Addresses (DAA) hit a peak of 165K. Since then, the on-chain metric remained relatively lower, showing a waning of investors’ interest. However, the DAA more than tripled and hit 530K on March 2. This sudden uptick notes that investors are interested in XRP at the current price levels.
XRP Daily Active Addresses Triples
Since the DAA spike has been sustained for the past two weeks, it indicates that XRP holders are anticipating something huge in the upcoming days.
This is where the DC Blockchain Summit fits in, where multiple well-known crypto personalities and US government officials are gathered to discuss cryptocurrency.
Meanwhile, Chainlink’s Sergey Nazarov is set to host a pivotal discussion with Bo Hines, who is the executive director of the President’s Council of Advisers on Digital Assets and all things crypto.
Considering that Ripple is a US-based company, the DC Blockchain Summit could reveal Ripple and other key cryptocurrencies and blockchain’s role in furthering America as crypto capital. Hence, the chances of XRP price rallying to $3 and beyond due to these catalysts are high.
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