Movement of inactive XRP tokens registers increase in May; Bullish XRP?

The movement of inactive XRP tokens has been drawing attention given the record of an increase this month, according to a recent analysis released by the Santiment platform, on May 2. According to the analysis, the XRP Ledger has seen an “abundance of dormant tokens moving to open in May.”

Analysts noted a metric suggesting that XRP’s recent action was a notable increase similar to the movement of old coins compared to the peak recorded on April 13. The move happened just before the markets crashed and XRP’s 16% pullback.

However, experts highlighted that this time there is speculation that this old movement of XRP coins is related to the potential buy the dip interest of investors.

“Our Token Age Consumed metric indicates that this was a remarkably similar increase in old coin movement compared to the peak on April 13th, just before markets tanked and $XRP dropped -16% in value. This time, however, there is an argument that this long-standing currency movement is related to potential buy-the-dip interest from key stakeholders, and prices have been rising slightly since the May peak occurred. Also, keep in mind the growing open interest on exchanges, which has just reached a 3-week high,” the analysis highlighted.

🤑 #XRPLedger has been seeing an abundance of dormant tokens moving to open up May. Our Token Age Consumed metric indicates that this was a remarkably similar spike in old coins being moved compared to the April 13th spike, just before markets tanked and $XRP dropped -16% in… pic.twitter.com/vHpaDuJNaE

— Santiment (@santimentfeed) May 2, 2024

At the time of publication, the price of XRP was quoted at US$0.5244 with an increase of 1.0% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$1,089,593,043.

Could XRP Price Explode 250% by July? Understand

Could the price of Ripple’s native cryptocurrency, XRP, explode 250% by July? This is what a very optimistic recent analysis suggested that compared the token’s current movement with its movement in 2021.

In an analysis shared on April 25, cryptocurrency expert Egrag Crypto highlighted that XRP is making a move similar to its 2021 trajectory, where the token was boosted to a price target of $1.80.

According to the analyst, XRP’s “current trajectory suggests a possible reach of $1.4 by June-July, a key target”, highlighting that the price zone between $1.2 and $1.8 is a “plausible target”, suggesting a substantial increase of 133% or 250% from the current XRP price.

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