XRP’s Cup-and-Handle Pattern Suggests Potential Rise Toward $3.40 Amid Positive Exchange Flows
The post XRP’s Cup-and-Handle Pattern Suggests Potential Rise Toward $3.40 Amid Positive Exchange Flows appeared on BitcoinEthereumNews.com.
XRP has continued to show strong bullish momentum, evidenced by its recent bullish continuation pattern that could signal a rally above $3.00. As the market stabilizes, XRP’s performance is closely monitored, especially with significant outflows from exchanges indicating reduced selling pressure. According to COINOTAG sources, “XRP is trying to claim the $2.7740 level. If successful, then $3 will be in play,” suggesting optimistic market sentiment. With XRP showing bullish patterns and exchange outflows decreasing selling pressure, could a price surge above $3.00 be on the horizon? Read more. Positive Exchange Dynamics Boost XRP’s Outlook In recent days, XRP has rallied, climbing 3.5% to reach an intraday low of $2.63 on February 17, according to data gathered from Cointelegraph Markets Pro and TradingView. Notably, after a steep 44% drop to $1.76 earlier this month, XRP has regained approximately 10% over the past week. This optimistic recovery comes as exchange flows for XRP show a shift towards negativity, which traditionally signifies decreasing selling pressure and potentially strengthens the bullish case for XRP. Understanding XRP’s Exchange Flow Dynamics The recent chart data indicates that XRP’s spot exchange flows turned negative on February 16 after three consecutive days of inflows. This shift may suggest that fewer coins are being sold in the market, leading to a healthier price environment. Looking at the broader trends since the November price surge of 500%, XRP’s exchange flows have remained largely negative, indicating that many investors are holding onto their positions rather than cashing out. Furthermore, data from CryptoQuant reveals that the XRP supply on exchanges has been on a downward trajectory since mid-November 2024, coinciding with a remarkable 330% price rally. This data reaffirms the idea that buy-side demand is prevailing over sell-side pressure, which contributes positively to XRP’s market performance. XRP Forms a Classic Cup-and-Handle Pattern…
Filed under: News - @ February 17, 2025 4:19 pm