- Ripple’s discussion with the New Zealand government for a CBDC project, amplifying its global adoption push.
- The increase in Daily Active Addresses (DAA) showcases a heightened interest and activity on Ripple’s blockchain.
Ripple and New Zealand’s Collaboration: A New Dawn for XRP
Merely a month after Ripple’s pivotal triumph over the SEC, XRP has been thrust into the limelight once again, indicating signs of exponential global adoption. Ripple’s conversations with the New Zealand government for a Central Bank Digital Currency (CBDC) collaboration have placed it at the forefront of blockchain discussions. This is not an isolated event, as countries like Colombia and Palau have previously exhibited interest in Ripple’s CBDC platform.
Dynamics of XRP’s Growing Global Reach
Augmenting XRP’s global adoption narrative, pivotal on-chain data from August seems to endorse the trending headlines. To demystify, the Santiment data elucidates a consistent upsurge in Ripple’s Daily Active Addresses (DAA) – a metric denoting the daily count of network participants engaging in transactions. A surge in DAA signifies increased transactional demand on the blockchain.
Since July 31, out of 16 trading days, XRP registered over 100,000 active users on 12 occasions. To draw a comparison, before July 31, 2023, there were only 15 sporadic days across the year where XRP hit the 100,000 DAA mark. Historically, whenever DAA surpassed this benchmark, a price rally followed for XRP. This recurring pattern presents a tantalizing prospect for an impending price surge.
Analyzing XRP’s Price Momentum
The Relative Strength Index (RSI), a tool assessing an asset’s price momentum, shows that Ripple’s tides might be changing. In simpler terms, the RSI measures an asset’s current price trajectory, indicating potential buying or selling scenarios. A trend upwards within a neutral zone hints at an accumulating trend.
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XRP’s RSI had a downturn from 55.6 to 41.72 early August. But, between August 7 and August 15, it has shown a resurgence, albeit a slight one, moving from 41.72 to 43.5. This, combined with the fact that the RSI isn’t in an overbought territory, suggests ample room for a robust price surge if momentum intensifies.
Projecting XRP’s Price Trajectory
Should the upswing in network demand endure, XRP could potentially approach the $0.80 milestone. Supporting this perspective is the MVRV ratio, evaluating current XRP holders’ financial standings. Recent data indicates that numerous investors are facing a 9% unrealized loss, potentially holding out for a break-even at approximately the $0.69 mark. Yet, given the momentum and global adoption, pushing past this resistance towards $0.80 is conceivable. However, should XRP tumble below $0.55, a defensive strategy might emerge around the $0.59 mark to circumvent losses surpassing 15%.
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