XRP news today: XRP Surges 10% Amid Market Recovery, New Addresses Hit Two-Week High

XRP has experienced a significant price increase of nearly 10% over the past week, continuing its upward trajectory amidst a broader market recovery. As of the latest reports, the altcoin is trading at $2.28. This surge in price is driven by improved market conditions, which have sparked new interest from traders and encouraged long-term holders to reduce their selling activity.

The recent price uptick in XRP is attributed to a rise in the number of new addresses created for the altcoin. According to Glassnode, this number reached a two-week high of 3,677 addresses on April 28. An increase in new addresses signals an influx of fresh capital and heightened market activity. As new traders enter the market, they can bolster XRP’s rally and contribute to its overall price stability.

Additionally, long-term holders (LTHs) of XRP, defined as those who have held their tokens for more than 155 days, have shown restraint in selling their holdings over the past week. This behavior is reflected in the drop in the token’s Liveliness metric, which measures the movement of its older coins. Currently, the Liveliness metric stands at 0.81, its lowest since December 1. A decrease in Liveliness suggests that LTHs are refraining from selling or transferring their coins, indicating reduced selling pressure in the market. This reflects investors’ confidence in XRP and points to the potential for continued upward price momentum.

On the daily chart, the steady rise in XRP’s Relative Strength Index (RSI) confirms the bullish outlook. At press time, the momentum indicator is at 60.10 and remains in an upward trend. The RSI indicator measures an asset’s overbought and oversold market conditions, ranging between 0 and 100. Values above 70 indicate that the asset is overbought and due for a dip, while values under 30 signal that the asset is oversold and could witness a rebound. At 60.10, XRP buying pressure outpaces selling activity. If this trend persists and the token’s price breaks through the resistance at $2.29, it could climb toward $2.50. Conversely, if selloffs resume, XRP could shed recent gains and plunge to $1.99.