XRP’s continuous decline raises concerns amongst market participants, but the asset remains well-positioned for a much-needed correction. At press time, XRP is down by 10%, and has lost more than 30% in price value over the past month.
With no bullish reversal in sight for the global crypto market, XRP, interestingly, still has a chance of making a comeback as network activity skyrockets.
On February 25th, XRP recorded a surge in network activity as transactions hit 2,054,526. While factors triggering the uptick in transactions remain unknown, new inflows are entering the XRP ecosystem.
On the other hand, the increase in on-chain activities might be traced back to XRP traders anticipating a correction in price value. In the near term, on-chain activity remains a catalyst for price reversal and stability.
XRP price predictions remain bullish
As the bloodbath continues, XRP predictions from key players have remained bullish. Notably, altcoin analyst Matthew Brienen maintains optimism, confidently stating that XRP is on track to hit four digits.
While price predictions might seem generous for a volatile altcoin like XRP, several fundamental factors aid analysts’ bullish outlook.
For one, Ripple’s CTO, David Schwartz, draws attention to the new wave of institutional investors flocking to the Ripple ecosystem. “We are on the cusp of mass institutional adoption,” he asserts, adding that no obstacles are in view.
However, the near term seems tricky for XRP, as it struggles to hold support, with the MACD flashing red. Strengthening the bearish momentum is the 12-day EMA, which is below 26. At report time, XRP is trading at $2.07, while the global market cap is down by 5.18%.
