The surge in the movement of inactive XRP tokens has garnered attention this month, as reported by the Santiment platform on May 2. The analysis reveals that there has been a significant increase in dormant tokens becoming active on the XRP Ledger in May.
Analysts have observed a metric indicating that the recent activity of XRP is comparable to the movement of old coins seen during the peak on April 13. It is worth noting that this surge occurred just before the market crash, causing XRP to experience a 16% decline.
However, experts speculate that this movement of old XRP coins may be attributed to investors showing interest in buying the dip. They argue that this long-standing currency movement is related to the potential buy-the-dip strategy employed by key stakeholders. As a result, XRP prices have been gradually increasing since the peak in May. Additionally, the growing open interest on exchanges has reached a three-week high.
As of the time of publication, the price of XRP stands at $0.5244, reflecting a 1.0% increase in the past 24 hours. During this period, the cryptocurrency has recorded a trading volume of $1.089 billion.
Could XRP Price Surge by 250% by July? An Analysis Explores
Is it possible for the price of XRP, Ripple’s native cryptocurrency, to surge by 250% by July? A recent optimistic analysis compares the current movement of the token with its trajectory in 2021.
In an analysis shared on April 25, cryptocurrency expert Egrag Crypto highlights that XRP is following a similar pattern to its movement in 2021, when the token reached a price target of $1.80.
According to the analyst, the current trajectory of XRP suggests a potential price of $1.40 by June or July, which is a significant target to reach. The analyst emphasizes that the price range between $1.20 and $1.80 is a plausible target, indicating a substantial increase of either 133% or 250% from the current XRP price.
Disclaimer: The views and opinions expressed in this article are solely for informational purposes and do not constitute financial, investment, or any other form of advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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