XRP Bullish Setup Meets Bearish On-Chain Signal: What Gives?

• Broader market optimism for risk-on assets supports potential XRP upside.
• Speculation includes XRP potentially surpassing Ethereum, targeting >$10 price.
• On-chain data shows a sharp drop in new XRP address creation, raising adoption concerns.

XRP, the digital asset often central to crypto discussions, presents a complex picture right now. Technical analysis of its daily chart against Tether (USDT) reveals a bullish breakout, while on-chain data indicates a concerning decline in network growth.

Supporting the bullish case, market analysts see strong potential for “risk-on assets,” including XRP. They see the market’s current consolidation as a pause before a substantial surge, drawing parallels to past Bitcoin cycles.

Notably, the analysis speculates on XRP’s potential to surpass Ethereum as the second-largest cryptocurrency in terms of market capitalization during a significant bull run. Predictions of XRP claiming a market cap of nearly $1 trillion, potentially translating to a price well above $10 have emerged as well.

On-Chain Data Flashes Warning Signal

However, tempering this view, on-chain data from analyst Ali Martinez paints a cautious pictur…

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