Since August 18, the Ripple XRP token is moving in the lateral channel, but the market begins to include in favor of bulls.
Onchain-data show an increase in interest in altcoin, which indicates the return of purchasing pressure, despite the balance between bears and bulls.
XRP in the range expects decisive movement
The day schedule XRP/USD shows the weak pricing dynamics of token. Since August 19, it remains within the horizontal channel.
This pattern occurs when the asset is traded between two parallel levels of prices, reflecting market uncertainty, since neither bulls nor bears can prevail.
Since August 19, XRP is not able to break through the resistance at $ 3.08, while the support remains at $ 2.84. Such a movement in the range indicates a weak impulse, leaving traders in anticipation of a decisive breakthrough.
Ripple token market comes to life
According to Santiment, the number of active addresses on the XRP Ledger has grown steadily in the last four days. On August 26, their number reached 44 123, which is 20% more compared to 37,615 addresses on August 24.
An increase in the number of active addresses indicates an increase in activity in the network, which indicates a greater number of transactions and interactions on the XRP Ledger.
Such an increase is a good sign of increasing utility and demand, which strengthens the trust of investors. The 20%increase in active addresses for three days emphasizes the revitalization of onchain-active, which can lead to a breakdown of resistance at $ 3.08.
In addition, XRP demonstrates the growth of positive mood in the market, confirming the optimistic forecast. According to Santiment, at the time of publication this indicator is 1.24.
This indicator analyzes social networks and online platforms to evaluate the overall tone (positive or negative) around the cryptocurrency, taking into account the volume of references and the ratio of positive and negative comments.
When the mood is positive, it means that there are more positive comments and discussions about cryptocurrency than negative ones. This indicates a favorable public perception. If this goes on, the price of XRP may start to grow again.
XRP seeks to break out above $ 3.08
The increase in accumulation among Holders of the XRP can give the necessary impulse to overcome resistance at $ 3.08. A successful breakthrough of this mark will lead to a stronger rally in the direction of $ 3.22.
On the other hand, if buyers can not maintain upward pressure, XRP can return to the side movement. In this case, the token can test support at $ 2.84, with a probable breakdown below this level.
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Source: Cryptocurrency
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