Even though XRP recently dropped below the psychological threshold of $2 due to intensified volatility, the fourth-largest cryptocurrency’s network remains robust.
Calling out this development, renowned market analyst Ali Martinez pointed out, “Despite the recent volatility, the XRP network is growing stronger. Now reaching an all-time high of 6.26 million addresses holding 1 XRP or more.”
With the number of interactions involving addresses with more than 1 XRP reaching historic highs, the XRP network is enjoying growing interest and higher user engagement.
As a result, this trend might suggest looming bullish volatility, thanks to heightened investor confidence and interest.
Additionally, XRP’s futures trading volume has also been skyrocketing, reaching a monthly high of $21.62 billion, which illustrates increased liquidity and high speculation or hedging activity.
Is XRP Staring at the Last Support Zone?
According to market insight provider Moon Pulse, “XRP is clinging to its last support zone. A bounce here? Could mean a strong reversal.”
Given that XRP is trading above $2, a bullish picture continues to be painted in its ecosystem, as optimism for an exchange-traded fund (ETF) is skyrocketing.
As a result, Kaiko analysts believe that an XRP ETF will receive approval from the United States Securities and Exchange Commission (SEC) before other top cryptocurrencies, such as Dogecoin (DOGE) and Solana (SOL).
This bullishness is further fueled by the fact that Ripple and the SEC have paused their lawsuit, creating room for settlement talks.
