XRP has established itself as a noteworthy contender in the cryptocurrency market, emerging as one of the few digital assets to achieve a new all-time high in the ongoing bull market cycle. Although the altcoin has retreated over 30% from its peak, analysts are optimistic that another significant surge may be on the horizon, particularly as network activity intensifies.
Growing Network Activity Puts XRP In The Spotlight
As bullish sentiment builds in the wider market, investor interest in XRP has noticeably increased. This surge in interest is evidenced by a rise in active addresses on the XRP network. According to Glassnode, a leading financial and on-chain analytics platform, a recent report indicates that XRP is gaining traction among retail investors this cycle, contrasting the more institutionally driven rally of Bitcoin. The sharp uptick in active addresses correlates directly with this renewed interest.
Historically, spikes in active addresses have often preceded price rallies, fueling optimism among traders and investors. Therefore, sustained growth in the number of active addresses on the network may serve as a launchpad for a notable price surge in the upcoming weeks.
Data from the on-chain platform indicates that active addresses for XRP have skyrocketed by over 490% since the 2022 market cycle low, signaling a strong retail demand. In comparison, Bitcoin, the largest digital asset, has seen only a modest 10% increase in active addresses during the same timeframe.
This striking difference suggests a higher demand for the XRP network compared to Bitcoin. It also indicates that investors may have greater confidence in XRP’s prospects than they do in BTC’s as we progress through the current market cycle.
While XRP’s active addresses have outstripped those of Bitcoin significantly, both assets have historically demonstrated similar price gains. However, the trajectories of their rallies differ greatly, despite comparable price increases since the 2022 cycle low. Bitcoin’s growth has been consistent and likely driven by specific catalysts, whereas XRP was relatively stagnant until a bullish breakout occurred last December, spurred by short-term retail speculations.
Is A 4,400% Surge Possible For The Altcoin?
With the continued increase in active addresses, XRP’s price is poised to benefit from this impressive accumulation and heightened investor interest. Among various projections that have caught the attention of the investing community, one particularly audacious forecast stands out. Crypto expert and trader Javon Marks has predicted that the altcoin could witness an extraordinary 4,400% price growth to reach $99 in this market cycle. His assessment is grounded in the historical trends observed during previous cycles, especially the substantial rally seen in 2017.
An analysis of chart patterns reveals that XRP has emerged from a significant Pennant formation, allowing it to reach an initial target of $3.317, which is now acting as a light resistance. If past trends hold true, the next movement could propel the altcoin beyond this first target towards a second target now set at $99.
