The XRP Price Can Repeat Its 2021 Rise, But Only If…
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- XRP liquidations at $2.2 marked a pivotal profit-taking moment as bullish momentum developed on the charts
- A breakout above $3.3 could propel XRP towards its 2017 peaks, with key metrics bolstering this rally
The cryptocurrency market has shown heightened interest in XRP’s price movement, particularly following its recent dip to $2.2. During this time, CryptoQuant reported that more than $4 million worth of XRP short positions were liquidated.
Source: CryptoQuant.
Despite the correction, XRP swiftly returned to an uptrend. Reports from CryptoQuant indicate that the decrease in exchange outflows following profit-taking sessions may signal a temporary halt in accumulation.
However, when last checked, the market appeared poised for its next move. XRP’s open interest (OI), which measures public holdings of XRP, had recently reached a peak not seen in some time.
Source: CryptoQuant. p >
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Weekly Charts – Consolidation and Breakout Observation h2 >
The weekly chart illustrated that XRP consolidated within a symmetrical triangle pattern before making a breakout in late November—resulting in a 300% increase.
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Source: TradingView.
This ascent is modest compared to the staggering 1000% bull run witnessed in 2021. Should XRP sustain its upward trajectory, it may approach the $7.7 level; however traders are closely monitoring the critical resistance at $3.3 – an important hurdle that could dictate subsequent rally phases.
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The Daily Chart Shows Signs of Strengthening Potential
This particular chart depicts an optimistic outlook.
XRP’s upward momentum rapidly resumed after dipping down to $2.2.
The recovery noted significant buyer interest even amidst consolidation periods of various charts.
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Source: TradingView.
Overall these indicators suggest traders may be gearing up for an eminent breakout possibility.
Can XRPRiseAbove$3 . 3?
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A breakout beyond$3 . 3 resistance is crucial for sustaining positive momentum.
Should altcoin prevail over challenges faced it might soar higher—possibly even achieving$7 . 7 if circumstances favorable like those from2021 emerge.ReadRipple’s [XRP] PriceProjectionfor2024 -2025
At present while evaluating both Xrpsprice action and on-chain data signals continue conveying promising information.Breakingthrough key barriersis essentialto uphold ongoing progress.Share .
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