XRP, the native token of Ripple, is poised to continue its upward momentum as its hourly chart flashes a bullish signal. This bullishness in the chart appears after three days of price consolidation.
According to expert technical analysis, XRP has broken out of a descending triangle price action pattern on the hourly time frame and is now poised to soar again. The recent price correction appears to be beneficial for XRP’s upcoming rally.
Based on the recent price action, if XRP continues its upward momentum and closes a daily candle above $2.48, there is a strong possibility it could soar by 17% to reach the $2.90 level or even higher if the trend remains unchanged.
Currently, the altcoin is trading above the 200 Exponential Moving Average (EMA) on both hourly and daily time frames, indicating an uptrend. Meanwhile, XRP’s Relative Strength Index (RSI) is near the oversold area, suggesting potential upward momentum in the coming days.
In addition to the bullish technical analysis, whales and institutions have shown strong interest in the altcoin, as reported by on-chain analytics firm Coinglass’s XRP spot inflow/outflow metrics. Data reveals that exchanges have witnessed a significant outflow of $386.04 million over the past four trading days.
In the cryptocurrency context, “outflow” refers to the transfer of assets from exchanges to wallet addresses. These metrics suggest that whales and institutions are accumulating tokens for the long term. Furthermore, outflows indicate potential buying opportunities, reduce the likelihood of selling pressure, and signal possible upward momentum.
With bullish on-chain metrics and positive technical analysis, it appears that the bulls are currently dominating the asset and could support XRP in its upcoming rally.
At press time, XRP is trading near $2.35 and has experienced a price drop of 0.35% in the past 24 hours. During the same period, its trading volume declined by 46%, indicating reduced participation from traders and investors compared to previous days.
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