XRP Price Analysis: Network Activity Surges Past Ethereum as Price Eyes $6.50 Target

• XRP has shown a 10% increase over the past week, demonstrating strong performance among large-cap altcoins alongside BNB and ADA
• Technical analysis suggests potential targets of $5.28 and $6.50 by 2030, based on Fibonacci extension levels and monthly chart patterns
• Transaction count on XRP Ledger has surpassed Ethereum network activity, while Ripple’s stablecoin RLUSD has reached $120 million in total supply
• Analyst Egrag Crypto predicts a possible 1,000% surge against the Philadelphia Gold and Silver Index, drawing parallels to 2017 patterns
• Current market structure remains bullish as long as price maintains above $2.08 weekly support level

XRP has recorded a 10% increase over the past week and establishing itself as one of the strongest performers among large-cap altcoins.

This price movement coincides with growing network activity and increasing adoption of the XRP Ledger (XRPL).

Data from CryptoQuant reveals that transaction counts on the XRPL have surpassed those on the Ethereum network, marking a notable milestone for the platform. This surge in network activity appears to be driven by multiple factors, including reduced transaction fees and the growing adoption of Ripple’s native stablecoin, RLUSD.

RLUSD, which launched recently on the XRP Ledger, has achieved a total supply of $120 million. The stablecoin’s integration with the XRPL has contributed to increased network usage, as users take advantage of the platform’s low-cost transaction capabilities.

Technical Analysis

Technical analysis of XRP’s monthly chart reveals a bullish structure that has remained intact since 2017. The $0.1644 level, which marked the lows from the 2017 rally, continues to serve as a historical support level. The fact that monthly closing prices have consistently remained above this threshold suggests sustained long-term bullish sentiment.

Recent price action shows that XRP has successfully converted the $1.99 level from resistance to support. Early February saw this level tested during a period of selling pressure, but the price has since rebounded, reinforcing its strength as a support zone.

The current technical setup has caught the attention of several analysts, including Egrag Crypto, who has drawn parallels between present market conditions and the 2017 bull run. According to Egrag’s analysis, XRP could potentially achieve a 1,000% surge against the Philadelphia Gold and Silver Index.

Fibonacci extension levels on the monthly timeframe suggest potential targets of $4.06 and $5.28 for the current market cycle. These projections would place XRP’s market capitalization at approximately $305 billion, positioning it closer to Ethereum’s current market value.

Looking further ahead, technical analysts point to the 61.8% and 100% Fibonacci extension levels at $5.28 and $6.50 as achievable targets by 2030. However, reaching these levels would depend heavily on broader market conditions and Bitcoin’s performance, as cryptocurrency markets often move in tandem with the leading digital asset.

The XRPL’s growing ecosystem continues to attract attention from various sectors. The platform’s ability to handle high transaction volumes while maintaining low fees has made it an attractive option for both individual users and institutional players.

Market watchers note that XRP’s current price structure remains bullish as long as the $2.08 level holds on a weekly closing basis. A break below this threshold could signal a shift in market structure and potentially lead to a deeper retracement.

Ripple’s ongoing efforts to enable secure, instant, and low-cost global transactions have positioned XRP as a key player in the digital asset space. The company’s focus on regulatory compliance and institutional partnerships has helped maintain steady growth in platform adoption.

Trading data shows that XRP maintains strong support around the $2 level, with increasing volume during upward price movements. This pattern suggests growing investor confidence in the asset’s long-term prospects.

Some analysts, including Egrag Crypto, have made more ambitious predictions, suggesting that XRP could potentially reach $28.50 under specific market conditions. This projection is based on historical price patterns and assumes a similar trajectory to the 2017 bull run.