- XRP’s network activity spiked over the past week, a sign of an upcoming price rally.
- If history repeats itself, XRP price could jump between 10 and 40%.
- Ripple’s chief legal officer sees benefits from the SEC lawsuit and remains optimistic over a win against the regulator.
XRP has registered a surge in on-chain activity over the past week, according to data from crypto intelligence tracker Santiment. Typically, a spike in transactions have acted as a precursor of a price rally in the altcoin. This was observed on three occasions recently, making it more likely that XRP price breaks into a rally soon.
XRP on-chain activity increases
Daily active addresses in XRP increased nearly seven times, from 17,554 addresses to 142.38K over the past week, according to data from crypto intelligence tracker Santiment. This year, similar spikes were followed by rallies in the altcoin’s price, ranging from 10% to 40% gains within two to four weeks after the rise in network activity.
Daily active addresses (XRP)
If history repeats itself, XRP price could register a bullish breakout in the short term. As seen in the chart above, XRP daily addresses climbed on March 19, between May 27 and May 29, and from June 23.
Other on-chain metrics paint a bullish picture
XRP’s transaction count increased, as did transaction volume, over the past week. These are other bullish on-chain indicators that support the thesis of a price rally.
Transaction count and volume in XRP
As seen in the chart above, spikes in transaction count have acted as a precursor to price rallies, similar to an increase in daily active addresses. These catalysts are expected to drive XRP price higher in the short term.