XRP price up today
The price of XRP rose by 6% to $0.51 on May 30 as the market’s attention turned towards the latest spike in XRP network activity. The XRP network witnessed a sudden increase in the daily active addresses (DAA) – the number of unique addresses involved in XRP transactions daily. For instance, on May 27, around 490,000 addresses interacted with the XRP network. That amounted to the second-largest address activity on the XRP blockchain, just three months after establishing the record DAA count of 880,000, according to data resource Santiment. The DAA surge to a record high in March preceded a 45% price rally. This fractal may have prompted traders to speculate on a similar upside move after the latest DAA count rise. However, history presents the DAA indicator as a flawed one. As a result, XRP remains at risk of declining, primarily because of an uncertain macroeconomic outlook that could hurt the crypto sector broadly. From a technical standpoint, XRP could drop in the coming weeks as the token retests its multi-month horizontal trendline resistance for a potential pullback. If a retreat occurs, XRP price may aim for its multi-month ascending trendline support as its primary downside target. That could theoretically take the price to around $0.40, down 20% from current price levels. Conversely, a breakout above the horizontal trendline resistance could trigger an ascending triangle reversal breakout, pushing XRP price toward $1. A potential Ripple win in the ongoing lawsuit against the U.S. Securities and Exchange Commission (SEC) may prompt such a breakout move.