XRP Gears Up For Potential Journey Back To $3 As It Flips Ethereum In FDV And Shows A Golden Cross

• XRP surpassed Ethereum in FDV
• The token’s pattern recently hit the golden cross.
• New wallet addresses holding the crypto were cut by almost half.

XRP FDV Exceeds Ethereum

XRP’s fully diluted cap has overtaken Ethereum (ETH). Despite the XRP Ledger’s (XRPL) native coin dropping to $2 at early Sunday evening (UTC), it still had an overall value of around $205.9 billion for its 99.98 billion supply. In contrast, ETH’s drop to roughly $1.5K per coin means the price of its over 120.7 million supply is worth approximately $190.89 million.

While FDV is not a 100% accurate representation of high demand and assurance of future performance, XRP’s latest feat gives it an edge in terms of bragging rights and broader exposure in the cryptocurrency market. It’s also positive news relative to its ongoing efforts to solidify its position as a possible replacement or supplement for the SWIFT international payment settlement network.

Golden Cross Fuels Bullish Sentiment

Crypto market sentiment remains at the “Fear” level. However, a pattern that has recently emerged in the price charts suggests that XRP price could be gearing up for a significant trend reversal from its bearish trajectory since its seven-year high last January.

As of writing, the digital asset’s 9-day moving average (MA) had already crossed the 21-day MA on its way up. This formed the much-awaited golden cross along the way.

XRP to USDT (Source: TradingView)XRP’s price action indicates a renewed positive momentum for the token, which could carry it back to $3 in the short run. But then again, it must be reinforced by a strong trading volume. A failure to establish a sufficient transaction activity in the digital asset could easily negate the optimistic short-term projection based on the technical readings.

New XRP HODLers Dropping

XRP recorded $1.53 billion 24-hour trading volume as of press time. Still, Ali Martinez, a renowned crypto technical analyst, noticed a considerable decline in newly created wallet addresses holding the crypto asset.

XRP in New Wallets (Source: Ali Martinez via X)According to Martinez, citing Glassnode data, these addresses dipped from 5,200 in March to the current 2,900. This factor could prevent XRP from optimizing its ascension following the golden cross.

In addition, the trend could signify caution from new investors to enter their trades in the token, mainly due to the state of uncertainty in the US and the global economic sphere. On the other hand, it could mean that speculative or whale-driven factors have mostly influenced crypto prices lately, which have failed to resonate with the majority of new market entrants.