While the price of the native token of the XRP Ledger has dropped by more than 3% over the past week, a prominent cryptocurrency analyst has recently suggested its prospects for 2025 are extremely bullish.
In a series of posts shared with his over 100,000 followers on the microblogging platform X, analyst Ali Martinez shared a price chart indicating that XRP has a “big price movement” underway as the Bollinger Bands, a popular technical analysis tool, is squeezing the asset’s price.
In a separate post, Martinez pointed to a falling wedge pattern, which is widely interpreted as a bullish price action precursor, suggesting it’s “one of the most promising setups.” Per the analyst, XRP could see a surge to the $11 mark.
As CryptoGlobe reported, on-chain data shows that there has been a “parabolic” rise in the number of wallets holding onto the native token of the XRP Ledger, XRP, as the value of the cryptocurrency rose more than 310% after Republican presidential candidate Donald Trump won the U.S. elections.
According to data from on-chain analytics firm Sentiment, which used a metric called “Total Amount of Holders” to track the number of addresses on a given blockchain network with a non-zero balance, the surge in XRP wallets started on October 18 and has been ongoing.
The firm’s data shows that over the past two years, there has been a 28% rise in the number of XRP wallets with a non-zero balance, to 5.75 million, while also showing that bitcoin saw a 27% rise to 54.9 million and ether saw a 47% rise to 134.9 million.
An increase in the metric suggests that new investors are entering the market, or that existing investors are creating additional wallets to hold onto their funds — a measure privacy experts recommend.
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