Ripple's XRP saw a $19 billion increase in value recently, reaching $2.37, a rise of 16% over the last week. However, this spike might be mainly due to speculative trading rather than genuine demand.
Data suggests a 32% drop in new addresses created to trade XRP, indicating a lack of fresh demand and a speculative rally. A significant decline in Network Realized Profit/Loss metrics further supports this view, as it has plummeted 99%, signaling potential reversal.
XRP price currently breaks above a descending parallel channel, but with weak demand, it risks falling back to $1.88. A boost in buying activity, though, could push it to its high of $2.90.
