XRP Ledger Surpasses 2.7 Million Transactions – Is a $100 XRP Price Possible with Institutional Support?

An intriguing development is unfolding on the XRP Ledger.

Network activity has experienced a notable increase. Daily transactions have surpassed 2.7 million, marking one of the highest figures recorded in recent months.

Payments, transfers, and various on-chain activities are accumulating simultaneously, resulting in a significant rise in network utilization.

Source: Cryptoquant

However, the unusual aspect is that the price of XRP has remained relatively stable.

The token is currently hovering around $1.37, showing little movement even as activity on the XRP Ledger continues to increase. This creates a notable divergence; the network is becoming more active, yet the market does not seem to reflect this change.

A part of the explanation is straightforward. Not every transaction signifies new capital entering the market. Some of this activity is attributed to internal transfers, exchange movements, or automated processes.

Consequently, traders are exercising patience. Many appear to be holding off until a more substantial catalyst emerges before committing to larger positions.

XRP Price Prediction: Can Institutions Propel XRP to $100?

XRP seems to be gradually recovering after the previous decline.

The market established a significant bottom around $1.12 earlier this year. Since then, XRP has been creating higher lows along an ascending support line.

XRP is fluctuating between that ascending support and resistance near $1.50. The range is tightening as the market oscillates between these two levels.

Source: XRPUSD / TradingView

The initial level that bulls need to surpass is $1.50. This area has already rejected several upward attempts.

Above this lies a more substantial barrier around $1.61, which currently represents the most formidable ceiling on the chart. If XRP manages to break through this level, the next targets for upward movement are around $1.90 and subsequently near $2.20.

On the downside, the crucial support to monitor is approximately $1.30. This level aligns with the ascending trendline that has been guiding the recovery from the $1.12 low. A breach of this level could lead the market to revisit those lows.

At present, XRP appears to be a market under pressure near resistance. If the increase in network activity eventually translates into genuine buying interest, a breakthrough above $1.61 could swiftly drive the price back toward the $2 range.

While reaching $100 is a distant goal, with ongoing development and adoption, XRP has the potential to gradually ascend higher.

Maxi Doge ($MAXI) Could Revitalize Meme Coins This Bear Market

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This is when individuals start searching for something that possesses genuine momentum.

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As larger players focus on accumulating slower assets, retail investors typically begin searching for the next coin capable of rapid movement. Maxi Doge appears to be positioning itself for precisely that opportunity.

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The post XRP Price Prediction: XRP Ledger Surges Past 2.7 Million Transactions – Can Institutions Propel XRP to $100? appeared first on Cryptonews.