Will XRP Break Bullish Pattern and Skyrocket to $0.94?
The post Will XRP Break Bullish Pattern and Skyrocket to $0.94? appeared on BitcoinEthereumNews.com.
Ripple’s native token, XRP, finds itself at a critical juncture with potential bullish opportunities ahead. Despite recent bearish trends, market analysts observe patterns suggesting a possible reversal. “A breakout above the current trading pattern could propel XRP to significant new highs,” noted a leading crypto analyst. Explore the possible bullish breakout for XRP, as market indicators give mixed signals on the future trajectory of Ripple’s token. XRP Targets Bullish Breakout Amidst Market Uncertainty XRP has garnered attention due to its current trading posture, which shows signs of a possible bullish breakout. Over the past seven days, XRP’s price has declined by more than 4%, presently trading at $0.5659 with a market capitalization exceeding $31.7 billion, securing its position as the seventh-largest cryptocurrency by market cap. Recent data revealed by COINOTAG suggests the inception of a bullish symmetrical trading pattern dating back to December 2021. Observers speculate that XRP might break out of this pattern over the next few weeks. Examining On-chain Data for Ripple’s XRP While the long-term chart hints at optimistic growth, a deep dive into XRP’s on-chain data shows conflicting signs. Data provided by Santiment illustrated an uptick in buying pressure, demonstrated by a recent drop in the supply of XRP on exchanges. Additionally, an increase in exchange outflows on August 16 further confirms investor interest in accumulating the token. Nevertheless, other metrics paint a less favorable picture: the MVRV ratio remains negative, and whale activity—which significantly impacts price movements—has been subdued, as reflected in the declining whale transaction count. Technical Indicators Reflect a Mixed Outlook Technical analyses offer a balanced outlook for Ripple’s XRP. As per recent Bollinger Bands data, XRP is currently testing its 20-day simple moving average (SMA)—a crucial resistance level. On the downside, the Moving Average Convergence Divergence (MACD) indicates ongoing bearish momentum. Corresponding…
Filed under: News - @ August 18, 2024 10:16 pm