The surge in activity of dormant tokens of XRP has captured the attention of cryptocurrency enthusiasts this month, as reported in a recent analysis by the Santiment platform on May 2. The analysis reveals that the XRP Ledger has experienced a significant increase in the movement of long-unused tokens in May.
Experts have observed a notable similarity between this recent surge and the movement of old coins prior to the market crash on April 13, which caused a 16% drop in XRP value. However, there is speculation that this time, the movement of old XRP coins may be driven by investors looking to buy the dip.
“Our Token Age Consumed metric indicates that this surge in movement of old coins is remarkably similar to the one observed on April 13th, just before the market downturn and the 16% drop in XRP value. However, it is argued that this time, the movement is driven by key stakeholders looking to take advantage of the market dip, and prices have been gradually increasing since the peak in May. It is also worth noting the growing open interest on exchanges, which has reached a three-week high,” states the analysis.
As of the time of writing, the price of XRP stands at $0.5244, reflecting a 1.0% increase in the past 24 hours. The cryptocurrency has recorded a trading volume of $1,089,593,043 during this period.
In a recent optimistic analysis, it was suggested that the price of XRP could potentially increase by 250% by July. The analysis compared the current movement of the token to its movement in 2021. According to the analysis, XRP’s current trajectory indicates a possible target price of $1.4 by June-July, with a key target range between $1.2 and $1.8. This suggests a substantial increase of 133% to 250% from the current XRP price.
It is important to note that the views and opinions expressed in this article, including those of the author and individuals mentioned, are for informational purposes only and do not constitute financial or investment advice. Investing or trading in cryptocurrencies carries a risk of financial loss.
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