As an investor, I am optimistic about XRP's short-term price target. The optimistic momentum of current market sentiment, coming from both retail investors and the performance of smart money, seems to be cheering for XRP's future.
I have noticed that both XRP's trading volume and active addresses have increased, which undoubtedly supports the bullish opportunity. As of this writing, XRP's market sentiment score is positive at 1.77, while the smart money sentiment score is at 0.76. This sincerity between retail and institutional investors shows an overall enhancement of confidence.
Currently, XRP is trading at $0.514, having slightly decreased by 0.14% in the past 24 hours. However, the overall market sentiment suggests potential upward momentum. The key question is whether this dual bullish sentiment can act as a catalyst for XRP's next rebound.
From the price action perspective, although XRP's relative strength index (RSI) is around 45.81, indicating it may be close to oversold levels, if buying pressure combines with positive sentiment, it could pave the way for a breakout. Recently, XRP's price has been consolidating between $0.51 and $0.52, with the contraction of the Bollinger Bands showing reduced volatility in the short term.
It is worth mentioning that XRP's network strength seems to be strengthening. The number of active addresses has increased by 0.92% in the past 24 hours, reaching 19,191 unique addresses. The rise in active addresses indicates a higher level of user participation, which typically means that trading volume will increase.
Additionally, the trading volume in the past 24 hours has also increased by 0.98%, reaching 1.4089 million transactions. This increase in trading activity indicates a rising demand for XRP, signaling positive signs of price stability and potential further growth.
What's even more exciting is that the exchange reserves have decreased by 0.59% in the past 24 hours. This indicates that the potential selling pressure is easing, as investors withdraw XRP from exchanges, possibly reflecting long-term confidence in the asset.
In summary, this series of indicators collectively outlines a solid foundation for XRP's potential rise. Both the public sentiment and on-chain data are conveying positive signals. I look forward to XRP demonstrating stronger rebound power in the coming days.
