XRP price may be on the verge of a strong comeback as network activities have significantly increased. Despite a 7% drop in the past 24 hours, XRP price reached $2.18. Santiment data shows a noteworthy rise in weekly active XRP addresses to 1.15 million. The surge is accompanied by transaction growth. Analyst Scott Melker reports a $5 billion XRP transaction volume in the last 24 hours, with wallet activities up by over 600%. However, Coinglass data indicates a significant increase in short positions, leading to negative funding rates and selling pressure. If negative funding rates persist, the risk of a short squeeze escalates. A sudden XRP price improvement could force short sellers to close their positions, potentially aiding an upward momentum. XRP is currently back to its $2.14 support level. MACD indicator signals a selling trend, while Stoch RSI suggests a potential oversold condition, hinting at a price reversal. To prevent a drop below $2, XRP needs to break the critical resistance at $2.60 for a path towards $3. Overall, the increased network activities reflect market interest in XRP, which could lead to a price improvement if accumulation occurs during price dips.
