Summary:
- The number of new XRP account activations has hit a one year high of 9,100 per day
- This is despite crypto exchanges suspending the trading of XRP due to the Ripple lawsuit
- XRP has reclaimed the $0.30 price area as support as well as the number 4 spot on Coinmarketcap
The number of new XRP account activations per day has reached a one year all-time high of 9,100. This is according to data from the team at XRPScan who also pointed out that this feat was achieved despite several crypto exchanges suspending XRP trading this month.
The team shared their observation of the XRP ledger via the following statement and accompanying chart demonstrating the one year high in XRP account activations.
New XRP account activations touched 1 year high (9100/day) on Jan-7 as US based exchanges suspend XRP trading and users, presumably, take custody of their funds in personal wallets.
XRP account activation ATH of 14,531/day was observed during the bull run of early 2018, but those were favorable market conditions.
XRP Reclaims the $0.30 Support and #4 Spot on Coinmarketcap
At the time of writing, XRP is trading at $0.327 in what looks like an attempt to turn the $0.30 price area into support. XRP’s journey back to these levels kicked off after a local bottom of $0.17 set on December 29th due to the panic selling associated with the SEC lawsuit against Ripple. Since the local low of $0.17, XRP has gone on to post a local high of $0.37 set on January 7th, 2021.
XRP reclaiming the latter familiar levels has resulted in the remittance coin reclaiming the 4th spot on Coinmarketcap. XRP had briefly been edged out by Litecoin from this position as a result of the aforementioned selling associated with the SEC lawsuit.
Watch out for XRP’s Head and Shoulders on the 15 min Chart
However, veteran crypto analyst, MagicPoopCannon, has warned that XRP could be warming up for a bitter correction as the recent move to $0.372 formed the right shoulder of a Head and Shoulders pattern on the 15-minute chart. According to Magic, if the pattern plays out, XRP could fall to as low as $0.21.
After today’s explosive rally, XRP appears to be forming a large head and shoulders pattern on the 15 minute chart. Some people may not be interested in fifteen minute charts, but this applies to the traders out there. You can see a clear head and shoulders pattern forming on the chart. If it breaks down below the black neckline, the target would be 0.21.
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