Ripple (XRP) Skyrockets Towards $0.80 as User Surge Continues

• Ripple (XRP) Experiences Holiday Surge, Prompts Optimism
• Influx of New Users Bolsters XRP
• Ripple User Growth: A Key Catalyst
• Current Market Position and Future Predictions

Ripple (XRP) Experiences Holiday Surge, Prompts Optimism

Ripple (XRP$0.620 -1.68%) enjoyed a festive incentive this past week, experiencing a surge of over 5% on Christmas Day, breathing vitality back into the cryptocurrency market. The price of XRP reached a peak of approximately $0.65, marking its highest point in over a month. Nonetheless, on-chain data suggests that XRP has recently seen considerable network growth, supporting positive forecasts for further growth. At the time of report, XRP is trading at $0.63, an increase of nearly 8% over the past 30 days. Standing as the sixth-largest cryptocurrency by market capital, XRP has surpassed Bitcoin$42,260 -0.64% and the wider crypto market amidst burgeoning bullish sentiment.

Influx of New Users Bolsters XRP

A critical factor cultivating this enthusiasm is the recent surge in new users on the XRP ledger network. On-chain analytics company, Santiment, reports an impressive 12,819 new XRP wallets were established on Monday alone.

Ripple User Growth: A Key Catalyst

The recent increase in new wallet addresses mirrors similar growth observed in late December of the previous year. During that period, XRP prices surged by more than 15% in a mere three days, following an increase in network activity.

The network growth indicator for XRP, which monitors the daily creation of new wallet addresses, is viewed as a measure of how quickly its ecosystem is attracting new users. Typically, an influx of new users is associated with a boost in XRP's market demand and trading volumes.

Current Market Position and Future Predictions

Already, XRP prices have seen a robust rebound from the support zone between $0.59-$0.62, spurred by a surge in retail interest. The relative strength index (RSI), a momentum indicator, suggests significant potential for further growth.

To sustain this bullish direction, Ripple XRP bulls must overcome immediate resistance around $0.67. Successfully achieving this could pave the way for prices to challenge XRP's November highs close to $0.80.

However, failing to capitalise on recent gains may result in XRP retreating to the $0.59 support zone, as per market analyst predictions. The wider trends within the cryptocurrency market will likely influence near-term price movements.

Edited by Jonathan Stoker