- XRP is up more than 13% over the past seven days.
- Most on-chain indicators looked bullish for the token.
After a comfortable bull market week, Ripple (XRP) Price growth has slowed over the past 24 hours.
However, XRP could recover and begin another rally next week if one condition is met.
XRP must cross a critical level
According to CoinMarketCap, the value of XRP has surged more than 13% in the past seven days. However, this upward trend ended with the token price moving only slightly over the past 24 hours.
Interestingly, Cryptoes, a well-known cryptocurrency analyst, recently posted the following: Twitter Highlights key resistance levels for XRP.
The chart pointed out that the token has been hitting low highs for quite some time, which is a typical bearish sign.
According to the tweet, XRP needs to surpass $0.6933 before March 17 for the token to begin another upward rally.
But the rally may start sooner than expected. This is because at the time of reporting, XRP had already surpassed the resistance zone.
At the time of writing, the token is trading at $0.6982 with a market capitalization of over $38.2 billion, making it the 6th largest cryptocurrency.
While the value of the token has been strong, trading volume has also increased. AMBCrypto previously reported that XRP’s trading volume has increased dramatically, reaching levels not seen in months.
Is a bull market inevitable?
To determine whether this breakout would lead to a bully rally, AMBCrypto looked at the token’s on-chain metrics.
Bullish sentiment towards the token has increased as weight sentiment has risen thanks to the price rise.
Investors increased their asset accumulation, which was evident in the massive surge in Exchange Outflows. Another bullish indicator is the increase in the MVRV ratio.
Additionally, the token’s network growth has remained high, meaning more addresses have been created to transfer tokens.
Source: Santiment
AMBCrypto then looked at the daily chart of the token to see what indicators were suggested. XRP’s Money Flow Index (MFI) recorded a sharp rise.
Realistic or not, the following is XRP market cap based on BTC
MACD shows a clear bullish edge in the market, which suggests further price growth in the future.
Nonetheless, the token price was touching the upper limit of the Bollinger Bands at press time, suggesting that selling pressure on XRP may increase.
Source: TradingView