XRP, the native token of Ripple Labs, has shown an impressive recovery of over 20% in the past few days and has reached a crucial resistance level. However, looking at XRP’s historical price pattern and the ongoing consolidation in the four-hour time frame, it appears that the altcoin is preparing for massive upside momentum in the coming days.
According to expert technical analysis, XRP appears to be forming a bullish cup and handle pattern on the four-hour time frame and is on the verge of a breakout, as it currently faces resistance at the neckline of the pattern.
Based on historical trends, if XRP breaches this resistance level and closes a four-hour candle above $2.82, there is a strong possibility it could soar by 18% to reach $3.30 in the coming days.
At press time, XRP appears to be trading above the 200-day Exponential Moving Average (EMA) on the four-hour time frame, indicating an uptrend. This is a key signal that most investors and traders look for before entering the asset.
Besides this, traders and investors appear to be taking full advantage of the bullish price action, accumulating XRP and betting on a massive upside gain, as reported by the on-chain analytics firm Coinglass.
Data from spot inflow/outflow reveals that exchanges have witnessed an outflow of a significant $28.60 million worth of XRP tokens in the past 24 hours, which potentially indicates accumulation.
However, such a substantial outflow from exchanges has the potential to create buying pressure and drive further upside momentum.
With an overall bullish outlook, XRP is currently trading near $2.75 and has experienced a modest price surge of 0.50% in the past 24 hours. However, during the same period, its trading volume dropped by 33%, indicating lower participation and increased caution compared to the previous day.
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