XRP has registered notable performances in April on average over the past decade. Historical data shows the month as the fourth best for XRP in a year. Given XRP’s recovery in the last seven days of the general market downturn, it is likely that the coin may reclaim $3 before April ends.
April historical trend paints bullish outlook
As per Cryptorank data, XRP’s monthly average performance for April is 24.3%. Although it is currently down by 1.10% after 12 days of trading, there are positive signals for XRP. If history aligns, the coin still stands a chance to reclaim the $3 level.
One key indicator is XRP’s resilience in recent times. Despite the bearish crypto market outlook worsened by the trade tariff uncertainty, XRP rebounded well from its lowest levels.
Within the last seven days, XRP dropped below $2 to a low of $1.6553, testing the $1.5 support level. It, however, recovered by riding on ecosystem support to reclaim the $2 level again. The success lies in the number of active addresses actively trading the coin.
As U.Today reported, XRP recently registered a 620% increase in the number of active wallets. The number climbed from 74,589 to 462,650 as adoption skyrocketed for the altcoin.
Interestingly, this growth dwarfs that of the leading digital currency, Bitcoin, which registered only 10% growth within the same time frame.
XRP’s path to $3 hinges on key on-chain metrics
Based on XRP’s average record of 24.3% in April, there are bullish indicators that it might record similar growth to break the $3 resistance.
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Notably, the regulatory uncertainty that has kept institutional investors away has been cleared, with Brad Garlinghouse, Ripple’s CEO, confirming a settlement with the Securities and Exchange Commission (SEC).
Additionally, there have been some filings with the SEC for spot XRP exchange-traded funds (ETF), which could push the coin’s value in the long term.
As of this writing, XRP was changing hands at $2.06, a 2.02% increase in the last 24 hours. However, trading volume is still down by 27.45% to $2.98 billion.