XRP Builds Momentum Toward $2 as Active Addresses Surge 654%

XRP(CRYPTO: XRP) is gaining momentum towards the $2 mark as activity on the XRP Ledger surges while Gemini’s expanded offering in Singapore adds another catalyst.

Network Activity Spikes

Crypto chart analyst Ali Martinez noted that active XRP addresses surged 654.71% from 47,180 to 356,070.

Martinez added that such a sharp increase typically signals stronger network participation and can coincide with increased price volatility.

Meanwhile, pseudonymous trader Altcoin Sherpa expects XRP’s ongoing consolidation to eventually resolve higher.

“I strongly feel this is going to leg up,” the trader said, describing the lower timeframes as choppy but the broader consolidation as “good and healthy.”

Sherpa sees $2 as the target for XRP’s next move.

Gemini Warms Up To XRP

Gemini CEO Tyler Winklevoss on Monday announced the expanded XRP functionality for users in Singapore. Local users can deposit and withdraw XRP directly over the XRP Ledger (XRPL).

Gemini already offers Singapore customers access to more than 70 cryptocurrencies, with users able to fund their accounts in Singapore dollars and trade and store digital assets.

In its effort to enhance support for XRP, Gemini added XRP as cross-collateral for derivatives trading in July.

This enabled traders to use the token alongside assets including Bitcoin(CRYPTO: BTC), Ethereum(CRYPTO: ETH), Tether(CRYPTO: USDT) and Gemini Dollar(CRYPTO: GUSD).

In late June, Gemini and Ripple have also launched an XRP edition of the Gemini Credit Card, allowing users to earn rewards in XRP.

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