The XRP network has attracted a lot of attention within the community recently, and on-chain metrics show that high-value transactions are on the rise. As on-chain analyst Ali Martinez reports, the number of transactions on the network has exceeded $1 million in recent days.
According to Martinez, in one day, Santiment recorded 341 transactions over $1 million. These high-volume value transfers are believed to be carried out by XRP, individuals or entities holding large numbers of XRP. Their entry demonstrates a recovery in market participation and confidence.
XRP price hits new high
XRP also showed significant growth by reaching $3, the first time since its previous high of $3.84 in January 2018. At the time of writing, the token is trading at $2.94. XRP is up 14.45% in the last 24 hours.
Peter Brandt, a veteran trader, recently pointed out that the half-mast flag visible on XRP’s weekly chart is expected to be completed within the next six weeks. A flag at half-mast is a neutral pattern that has the potential to move up or down. The consolidation phase generally indicates the likelihood of the trend continuing.
According to Brandt, if the trend ends bullishly, the XRP market cap could reach $500 billion, an increase of 262% and a potential price of $6.40. But Brandt stressed that the model must “flip soon,” otherwise it can move on.
This broader uptrend has also been seen in the XRP Ledger (XRP L) meme coins. Among the most popular tokens, ARMY, LIHUA and DROP have significantly increased in value.
ARMY rose 26.52% to close at $0.1792, while LIHUA rose 24.89% to $0.051588. At the time of reporting, DROP was also up 26.10% and trading at $16.66. Most of these tokens are currently traded on the Bitrue exchange. In the last week alone, DROP jumped 95.41%.
Factors Behind XRP’s Recent Rise
The price surge comes amid growing rumors about the possible approval of an ETF based on XRP. Additionally, the anticipation of new developments by the United States Securities and Exchange Commission (SEC) in its lawsuit against Ripple.
The SEC’s new leadership, led by Trump nominee Paul Atkins, may decide to roll back some actions, such as litigation against companies like Ripple and Coinbase.
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