XRP price rallied 91% in the past month and data shows these three fundamental factors may be behind the break above the current multi-year range.
In the past month, the price of XRP rallied 91% as the digital asset at last found some spark and is now playing catch up with Bitcoin BTC and Ether (ETH). The likely catalysts for the XRP rally are the rise in unique addresses, buybacks from Ripple and the possibility of a new product release.The confluence of the excitement surrounding a new product release, XRP buybacks and the rising address shown in on-chain data could be the primary factors behind XRP’s recent rally to a 16-month high.
Consequently, XRP has been able to break out of two multi-year ranges on the high timeframe charts. Most notably, the weekly chart shows a clear breakout to a price level it has not seen since November 2018.