Zebec Network is showing signs of strong vertical accumulation, setting up the probability for a breakout beyond its previous all-time high. The bullish trend remains intact with a clear structure of higher highs and higher lows. After reclaiming multiple critical…

Zebec Network enters vertical accumulation phase, eyes breakout to new all-time highs

On-chain analytics firm Santiment has pointed out how utility spikes on the 
XRP network tend to precede bullish price action in the asset&#8217;s price. XRP 
Network Activity Lit Up Before The Latest Price Surge In a new post on X, 
Santiment has discussed about some network activity-related indicators for 
XRP. The metrics in question are the Transaction Volume and Circulation. The 
first of these, the Transaction Volume, measures the total amount of the 
cryptocurrency that&#8217;s becoming involved in transfers on the blockchain every 
day. While this metric does provide a sense of overall activity occurring on 
the network, it may give a skewed picture of investor behavior. Related 
Reading: Dogecoin Is Right Where Past Bull Runs Have Taken Off: Analyst This 
is because of the fact that not all transfers being made on the chain 
represent true economic activity. Many of them involve the same part of the 
supply, constantly in motion due to repeat trades or internal shuffling. The 
second indicator, the Circulation, helps filter for these moves like these. 
This metric keeps track of the daily unique number of tokens being shifted on 
the XRP network. By &#8216;unique,&#8217; what&#8217;s meant here is that no matter how many 
times a particular coin becomes involved in transfer activity on the 
blockchain, it still contributes just one unit toward the indicator&#8217;s value. 
Now, here is the chart shared by Santiment that shows the trends in both of 
these XRP metrics over the last few months: As displayed in the above graph, 
the XRP Transaction Volume saw a huge spike to $2.1 billion on August 1st. 
This 6-month high surge in the metric came as the asset&#8217;s price was going 
through a drawdown toward a low near $2.70. Alongside the rise in volume, the 
Circulation also registered a spike to 1.12 billion tokens, indicating that 
the transfer activity occurring on the network was organic. Since this burst 
of activity on the blockchain, the cryptocurrency has witnessed some recovery. 
From the chart, it&#8217;s visible that there have also been spikes in these 
indicators in the past that led into a price surge for the coin. &#8220;Utility 
spikes on the network consistently foreshadow price jumps,&#8221; notes the 
analytics firm. Related Reading: Bitcoin Short-Term Holders Are 
Capitulating—Will June Pattern Repeat? In some other news, XRP broke out of a 
triangular channel on Thursday, as analyst Ali Martinez explained in an X 
post. Generally, breakouts above a triangle&#8217;s upper level are considered to be 
bullish signals in technical analysis (TA). And indeed, as the pattern may 
have foreshadowed, the asset has ended up enjoying a surge since then. XRP 
Price At the time of writing, XRP is floating around $3.29, up more than 7% 
over the last 24 hours. Featured image from Dall-E, Santiment.net, charts from 
TradingView.com

This XRP Signal Consistently Foreshadows Price Jumps: Analytics Firm

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