XRP has remained a notable contender in the crypto market, being one of the few digital assets to have reached a new all-time high in the ongoing bull market cycle. Although the altcoin has dropped by more than 30% from its current high, analysts believe another massive surge might be imminent as its network activity heats up.
Growing Network Activity Puts XRP In The Spotlight
With bullish sentiment building in the broader market, investors’ attention toward XRP seems to have risen strongly. The persistent improvement in investors’ interest and attention in the asset is observed by a rise in active addresses in its network.
Despite ongoing volatility, Glassnode, a top financial and on-chain analytics platform, shared a report showing that XRP has become a new retail favorite this cycle in contrast to the more institutionally driven rally of Bitcoin. This is due to the sharp increase in the number of active addresses.
Historically, price rallies have been accompanied by spikes in active addresses, which has usually fueled optimism among investors and traders. Therefore, a sustained growth in the network’s active addresses might act as a launchpad for a notable upside move in the coming weeks.
Data from the on-chain platform shows that XRP active addresses surged by over 490% since the 2022 market cycle low, indicating speculative retail demand. During the same period, Bitcoin, the largest digital asset, has experienced a mere 10% increase in active addresses.
This notable disparity reflects the higher demand for the XRP network than the Bitcoin network. It also implies that investors are more confident in the altcoin’s prospects than in BTC’s in the remaining period of the current market cycle.
XRP active addresses may have significantly surpassed Bitcoin, but the altcoin and BTC appear to have had similar price gains over time. Nonetheless, the rally trajectories are not the same, even though their price increases are comparable since the 2022 cycle low.
Since the cycle low, Bitcoin‘s growth has been consistent and likely driven by catalysts. Meanwhile, XRP was trading flat until a bullish breakout in December last year, driven by short-term retail speculations.
Is A 4,400% Surge Possible For The Altcoin?
Given the constant growth of XRP’s active addresses, its price is likely to be bolstered by this notable accumulation and investor interest. While several predictions have captured investors’ attention, a recent analysis from Javon Marks has stood out among these projections.
The crypto expert and trader made an audacious forecast about the altcoin witnessing a nearly 4,400% growth to $99 in this cycle. His prediction is based on past cycle trends, especially in 2017, where it saw a substantial rally to new highs.
Looking at the chart, XRP has broken out of a similar massive Pennant pattern, causing a surge to its first target at $3.317 before using it as a light resistance. Considering past trends, the next leg-up would push the altcoin past the first target at $3.317 and move towards the second target, which is now at $99.
Featured image from iStock, chart from Tradingview.com
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