Xrp Is on the Verge of Breaking Out of a Bull Market Pattern – Here’s Why You Should Be Interested
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- XRP’s daily chart was red as the price exited a symmetrical triangle pattern.
- Market indicators remained bearish for the token.
The bullish market situation has turned the weekly charts of most coins green, including the XRP. However, the token’s daily chart turned red. But things could turn in the token’s favor once again as it was on the verge of breaking through a key resistance zone.
However, the token’s daily chart turned red as its value fell by 0.5%. At the time of writing, XRP was trading at $0.644 and had a market cap of over $35.2 billion.
Separately, World of Charts, a popular X-handle that posts updates related to the crypto space, recently revealedthat the price of XRP is breaking out of a bullish triangle pattern.
In fact, the tweet mentioned that the breakout could lead to a two to three-fold increase in the price of the token. Is XRP about to hit a new ATH? Since there was a possibility that XRP could reach new highs, AskFX checked other metrics. We found that despite the price increase last week, its social dominance fell last week.
However, the weighted sentiment increased, indicating that the bullish sentiment surrounding the token prevailed in the market.
Source: Santiment
Some of the other metrics also supported the possibility of a bull rally. For example, the token’s MVRV ratio increased last week, indicating an increase in price.
The token’s network growth also increased, indicating that more new addresses were created to transfer the token. Another bullish indicator for the token’s funding rate, which remained green, suggests that buying sentiment prevailed in the derivatives market.
Source: Santiment
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XRP’s Price Prediction
2024-25
Next, we checked the token’s daily chart to see what indicators point to XRP’s possible price action. The indicators looked bearish and suggested that the chances of a bull rally were reduced. For example, the price of the token touched the upper limit of the Bollinger Bands. Its Chaikin Money Flow (CMF) also saw a slight decline, further increasing the chances of a price correction. However, the MACD looked bullish as it showed a bullish crossover.
Source: TradingView
