A prominent cryptocurrency analyst has recently suggested that XRP’s price is currently the “most bullish looking chart” after the price of the cryptocurrency lost nearly 20% of its value from its early December high of $2.85.
The native token of the XRP Ledger is at the time of writing trading at $2.182 and is still up more than 320% since Nov. 5, when Republican presidential candidate Donald Trump won the U.S. elections after campaigning on a pro-crypto stance.
In a recent post on the microblogging platform X, popular analyst CredibleCrypto told his over 450,000 followers that the XRP/BTC price chart “looks absolutely fantastic” and as a result will be “looking to position long once again” in the coming days as he sees it as the “most bullish looking chart in the entire space off the lows.”
The analyst’s post comes at a time in which on-chain data has shown that there has been a “parabolic” rise in the number of wallets holding onto the native token of the XRP Ledger.
According to data from on-chain analytics firm Sentiment, which used a metric called “Total Amount of Holders” to track the number of addresses on a given blockchain network with a non-zero balance, the surge in XRP wallets started on October 18 and has been ongoing.
The firm’s data shows that over the past two years, there has been a 28% rise in the number of XRP wallets with a non-zero balance, to 5.75 million, while also showing that bitcoin saw a 27% rise to 54.9 million and ether saw a 47% rise to 134.9 million.
An increase in the metric suggests that new investors are entering the market, or that existing investors are creating additional wallets to hold onto their funds — a measure privacy experts recommend.
The rise of XRP since November had several catalysts behind it, including Republican candidate Donald Trump winning the U.S. presidential elections and various spot XRP exchange-traded fund filings, along with Ripple’s launch of its RLUSD stablecoin.
Its price started plunging earlier this month, after the Federal Reserve cut interest rates by 25 basis points and its Chair Jerome Powell suggested a more hawkish stance, suggesting fewer rate cuts would be made next year.
Featured image via Pixabay.
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