#Commerce Dept. Goes On-Chain#

Since August 18, the Ripple XRP token has been moving in a sideways channel, but the market is beginning to tilt in favor of the bulls.
On-chain data shows an increase in interest in altcoins, indicating a return of buying pressure despite the balance between bears and bulls.
The daily chart of XRP/USD shows weak price dynamics of the token. Since August 19, it has remained within a horizontal channel.
This pattern occurs when an asset trades between two parallel price levels, reflecting market uncertainty, as neither bulls nor bears can gain the upper hand.
Since August 19, XRP has been unable to break through the resistance at $3.08, while support remains at $2.84. Such movement within this range indicates weak momentum, leaving traders awaiting a decisive breakout.
The number of active addresses on the XRP Ledger has been steadily increasing over the past four days. On August 26, their count reached 44,123, which is 20% higher compared to 37,615 addresses on August 24.
The growth in the number of active addresses indicates an increase in activity on the network, suggesting a higher number of transactions and interactions on the XRP Ledger.
Such an increase is a good sign of rising utility and demand, which strengthens investor confidence. The 20% growth in active addresses over three days highlights a revival in on-chain activity, which could lead to a breakout at the resistance level of $3.08.
In addition, XRP shows an increase in positive sentiment in the market, confirming an optimistic outlook. According to Santiment, at the time of publication, this metric stands at 1.24.