- If XRP follows the 2017 rally, it could reach new highs in the coming months.
- It is important that the token first rises above $0.58 before breaking out of the pattern.
Like most cryptocurrencies, Ripple (XRP) Last week, Bear continued to dominate the market. However, the token showed some signs of recovery in the last 24 hours. TThe token’s price was on the verge of breaking out of the rising pattern.
XRP is being integrated
Last week was a bit of a frustrating week for XRP investors, as the token’s price plunged 5%. But the next few days could be different, as evidenced by the appearance of a long-term bullish symmetrical triangle on the token’s chart.
As popular cryptocurrency analyst Amonyx posted: tweet This pattern reveals itself. To be precise, this pattern appeared in 2018, and since then the price of the token has been consolidating within it.
What’s interesting is that a similar pattern appeared in the 2015 token chart.
Source: X
During that time, XRP managed a bullish breakout in 2017, which allowed the token to reach its ATH in the coming months. Therefore, if history repeats itself, investors can once again witness a similar episode of XRP reaching new highs in the coming months.
At the time of writing, the token is testing the support of the rising pattern, a successful test could see the token move towards the resistance line.
At the time of writing this article, the token transaction The price is $0.5304 and the market cap is over $29.8 billion, making it the 7th largest cryptocurrency.
Assessing the likelihood that XRP will explode soon
Since the bullish breakout was likely, AMBCrypto checked the token’s on-chain data, as history shows. According to an analysis of Santiment’s data, XRP’s trading volume has been falling along with its price over the past few days.
Additionally, the open interest followed a similar downward trend. Typically, a decline in open interest indicates a trend reversal, and in this case, it was a bullish signal.
In fact, investor confidence in XRP appears to have picked up slightly over the past week, as the total number of holders has increased to 5.3 million.
Source: Santiment
read Ripple (XRP) Price Prediction 2024-25
Another bullish indicator is: Long/short term ratioIt increased. This means that there were more long positions than short positions in the market.
However, according to data analysis from Hyblock Capital, XRP would first need to surpass $0.58 to achieve a bullish breakout.
Source: Hyblock Capital