- XRP’s daily chart was red at a time when the price was breaking out of a symmetrical triangle pattern.
- Market indicators remained bearish for the token.
Bullish market conditions have turned the weekly charts of most coins green. XRP. However, the daily chart of the token turned red. However, the situation may turn in favor of the token again as the token is on the verge of breaking through a key resistance area.
XRP has broken out of the bull pattern.
According to CoinMarketCap: data, the value of XRP has surged 15% in the past seven days. However, the token’s daily chart turned red as its value fell by 0.5%. At the time of this writing, XRP was trading at $0.644, with a market capitalization of over $35.2 billion.
Separately, World of Charts, a popular X handle that posts updates related to the recent cryptocurrency space. exposed The price of XRP was breaking out of a bullish triangle pattern.
In fact, the tweet mentioned that this breakout could lead to a 2-3x increase in the price of the token.
Is XRP about to reach a new ATH?
As XRP was likely to reach new highs, AMBCrypto checked other indicators. We found that social dominance fell last week despite the rise in prices last week.
However, the weighting has risen, reflecting the bullish mood surrounding the token dominating the market.
Source: Santiment
Some of the other indicators also supported the possibility of an upward rally. For example, last week the token’s MVRV ratio increased, suggesting a price rise.
The network growth of the token also increased, suggesting that more new addresses were created to transfer tokens. Another bullish indicator with token funding rates remaining in the green suggests that buying sentiment was dominant in the derivatives markets.
Source: Santiment
read XRP price prediction 2024-25
Next, we checked the daily chart of the token to see suggested indicators regarding possible price action for XRP. Indicators were weak, suggesting a bullish rally is less likely.
For example, the token price has touched the upper limit of the Bollinger Band. Chaikin Money Flow (CMF) also showed a slight decline, further increasing the possibility of price adjustment.
However, the MACD showed a bullish crossover and remained strong.
Source: TradingView