The post XRP’s breakout odds – Here’s what must happen first for a rally appeared on BitcoinEthereumNews.com.

At press time, XRP was approaching the critical $2.60 resistance with bullish momentum building among traders Whale activity and rising network engagement strengthen XRP’s case for a breakout rally XRP is grabbing headlines again, with its price moving closer to a potential breakout from its descending channel, sparking optimism. At the time of writing, the altcoin was trading at $2.378, following a 1.56% hike over the last 24 hours.  This move comes after weeks of consolidation, sparking optimism among traders for a sustained uptrend. However, XRP must overcome critical resistance levels near $2.60 to confirm its bullish outlook. Is XRP ready to reclaim higher levels? The altcoin’s price action suggested that XRP may be testing the boundaries of its descending channel. In fact, recent gains indicated growing bullish sentiment, but the resistance at $2.60 remains a crucial hurdle. If XRP breaks above this level, the momentum could push the price towards higher targets.  However, failure to sustain this rally may lead to a retest of lower support levels, dampening trader enthusiasm. Source: TradingView Taker buy-sell ratio highlights buyer confidence The taker buy-sell ratio climbed by 1% in the last 24 hours, underlining a slight dominance of buyers in perpetual swaps. This metric is usually a sign of greater confidence among traders betting on XRP’s upward potential.  Additionally, this hike in buy-side activity could encourage further buying pressure, helping XRP break out of its consolidation phase. Nevertheless, sustained buyer dominance is crucial for preventing any retracement on the charts.  Source: CryptoQuant Active addresses and transaction growth signal market engagement Active addresses rose to 34,187, marking a 0.83% hike over the past 24 hours. Furthermore, the transaction count climbed to 1.732 million – An uptick of 0.87% during the same period.  These metrics, together, demonstrated steady growth in network activity, which often…

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Filed under: News - @ January 12, 2025 12:12 am